But what makes Tesco loans stand out from other personal loans? Here are some of the benefits that you can enjoy if you apply for a Tesco loan:
Clubcard Prices
If you have a Tesco Clubcard, you can get a better rate on your loan. Just enter your Clubcard number when you apply, and if you’re accepted, you’ll get a lower APR than the standard rate. For example, the representative APR for Clubcard members on loans from £7,500 to £25,000, over 1 to 5 years, is 6.1%, while the standard rate is 6.5%. This could save you hundreds of pounds in interest over the life of your loan.
Same Day Funds
If you need money urgently, you’ll be glad to know that you could get the funds in your account in as little as 2 hours, depending on the outcome of your application. This means you don’t have to wait for days or weeks to get your loan approved and transferred, unlike some other lenders.
Fixed Monthly Payments
With Tesco loans, you can choose a payment date that suits you, and pay the same amount each month. This makes it easier to budget and manage your finances, as you know exactly how much you need to pay and when. You can also change your payment date up to twice a year, if you need to.
Apply to Borrow More
If you find that you need to borrow more money, you may be able to do so with Tesco loans. You can either apply for a new loan and pay off your existing one, or apply to top up your current loan. Either way, you’ll get a new interest rate and loan term, which may be different from your original ones.
How to Apply for Tesco Loans
The quickest and easiest way to apply for Tesco Loans is to apply online. You will need to provide some personal and financial details, such as your name, address, income, expenses, and Clubcard number. You will also need to have a UK bank account, be over 18 years old, and have a good credit history. You can check your eligibility before you apply, without affecting your credit score, by using the online tool.
If you prefer to apply by phone, you can call 0345 600 6016, and speak to a customer service representative. You will need to have the same information as for the online application, and you will also need to answer some security questions. The phone lines are open from Monday to Friday, 8am to 10pm, and on Saturday and Sunday, 9am to 5pm.
