Aside from being the UK’s largest supermarket, Tesco (Tescobank.com) is now a major financial services provider, offering credit cards, savings, mortgages, travel products, insurance and loans, as well as a current account to its many customers. Tesco offers its customers the chance to collect extra points on their Clubcard when they purchase financial products, which can be redeemed for rewards and vouchers. Customers can access Tesco Bank online, over the phone, or in one of the in-store Tesco branches at their local supermarket.
APPLICATION REQUIREMENTS:
Loans from Tesco Bank are available to UK residents, aged 18 or over. The offer given to each individual customer can vary, depending on their credit score, loan amount, and financial circumstances.
LOAN AMOUNT AND CHARGES:
The personal loan from Tesco Bank can be used to cover a wide range of expenses and costs, from paying for an important life event to making a major purchase. Customers can borrow anywhere from £3,000 to £25,000, with varying interest rates depending on the amount borrowed, the repayment term and the customer’s personal financial circumstances. Once you have received a rate, it will remain the same throughout the length of the loan, so you can rely on one predictable monthly repayment. The overall length of the loan can range from 12 months up to 120 months. Customers can repay their loan early, but will be charged up to two months interest.
PROCESS:
Customers can apply for a Tesco Bank personal loan online for an immediate decision. To receive the loan even faster, customers can pay an additional fee for a courier service to have the loan agreement documents delivered the next day.
PAYMENT:
Certain eligible customers can also benefit from a two-month repayment holiday at the start of their loan. Interest is still charged during the break and the overall length of the loan is extended by two months, but this gives you the chance to avoid repayments for the first couple of months if you’re concerned about making immediate repayments. If you’re interested in receiving the payment break, you’ll need to specify this in your application to be considered.