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Tesco Loan

The Tesco loan offers very low best-rate of 6.9% and excellent overall rates (beating the banks). Your Tesco loan can be used for any purpose (unlike most other lenders) On the downside, credit checking can take time.

Tesco loan examples (correct at publication date, uninsured):

  Monthly Repayment APR
£3000 across 2 years £141.50 12.9%
£5000 across 5 years £99.62 7.5%
£10000 across 7 years £149.38 6.9%

A Tesco loan is available from £3,000 to £25,000, and rates start at 6.9%; and the lowest rates are reserved for online applicants. You can use the loan for any purpose.

Payment protection insurance is available on your Tesco loan (although the precise cost is not clear from the website) subject to a standard set of inclusions, e.g. voluntary unemployment or illnesses you knew about but failed to declare.

The application process for a Tesco loan is simple- apply online, wait for a credit check to be completed, and then expect the cash in your bank account within three working days. A nice touch is that you can decide which day of the month you'd like your repayments to be made; and your first repayment need only be within 45 days of receiving the money (although some lenders will give you up to three months grace).

So, the low rates are fair, but you won't get many extras. If you're consolidating debt, or borrowing larger amounts of money, this is a solid option.