Diksia.com - Are you looking for a personal loan that offers low interest rates, flexible repayment options, and exclusive benefits for Clubcard members? If so, you might want to consider Tesco Loans, a product of Tesco Bank, one of the UK’s leading retail banks. Tesco Loans can help you sort out your money, replace your car, make home improvements, or pay for a wedding.
In this article, we will explain how Tesco Loans work, what are the advantages of choosing them, and how to apply online or by phone.
How Tesco Loans Work
Tesco Loans are unsecured personal loans, which means you don’t need to provide any collateral or guarantor to borrow money. You can borrow from £1,000 to £35,000, and choose a loan term from 1 to 10 years, depending on the amount and your affordability. You can use the loan calculator on the Tesco Bank website to get an estimate of your monthly repayments and the total amount payable, based on the loan amount, term, and your Clubcard status.
Tesco Loans have a fixed annual interest rate, which means your monthly repayments will be the same throughout the loan term. You can also choose a payment date that suits you, and change it up to five times during the loan term. You can make overpayments or pay off your loan early without any fees, which could help you save money on interest. However, if you pay off your loan in one lump sum, you will have to pay a 2-month interest charge.
The Benefits of Tesco Loans
Are you looking for a low-interest loan to fund your home improvement project, upgrade your car, or pay for your wedding? If so, you might want to consider Tesco loans, a personal loan product from Tesco Bank, one of the UK’s leading retail banks.
Tesco loans are designed to help you sort out your money, with flexible amounts, terms, and repayment options. You can borrow from £1,000 to £35,000, and choose a loan term of 1 to 10 years. You can also take a payment break at the start of your loan, if you’re eligible, and make overpayments or pay off your loan early with no fees.
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.
If you already have a Tesco Bank loan, and you want to borrow more, you can also apply online or by phone. However, you will need to have made at least 8 consecutive monthly repayments on your existing loan, and have a good repayment history. You can either keep your existing loan and take out a new one, or pay off your existing loan and take out a larger one.
Conclusion
Tesco loans are a smart way to finance your goals, whether you want to improve your home, buy a car, or plan a wedding. You can enjoy low-interest rates, especially if you’re a Clubcard member, and get the money in your account in as little as 2 hours. You can also take advantage of the flexible repayment options, and apply to borrow more if you need to.
If you’re interested in Tesco loans, you can visit the Tesco Bank website to find out more, or apply online or by phone. You can also read the FAQs and contact the customer service team if you have any questions.
