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If you're in the market for a loan, it can be overwhelming to sort through all the different lenders and their offerings. One option you might consider is a loan from Tesco Bank. Here's what you need to know.
Tesco Bank is a financial services company based in the UK that was launched in 1997 as a joint venture between Tesco plc and the Royal Bank of Scotland. Today, it offers a range of products including current and savings accounts, credit cards, insurance, and loans.
Tesco Bank offers personal loans that can be used for a variety of purposes, including home improvements, buying a car, or consolidating debt. The loans range from £1,000 to £35,000 and can be repaid over one to ten years.
The interest rates on Tesco Bank loans depend on several factors, including the amount borrowed, the term of the loan, and the borrower's credit history. As of August 2021, the representative APR on a £10,000 loan over five years is 3.0%, but rates can range from as low as 2.9% to as high as 34.9%.
You can apply for a Tesco Bank loan online or over the phone. To be eligible, you must be at least 18 years old, a UK resident, and have a regular income. Tesco Bank will also assess your credit history and affordability before deciding whether to lend to you, and at what rate.
Like any financial product, there are pros and cons to taking out a loan from Tesco Bank.
Before taking out a loan from Tesco Bank or any other lender, it's important to consider whether the loan is right for you. Some factors to consider include:
Tesco Bank offers a range of personal loans that can be used for various purposes. If you're considering taking out a loan, make sure you understand the eligibility criteria and rates, as well as your own financial situation and budget. With the right information and preparation, a loan from Tesco Bank could be a good option to help you achieve your goals.