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Tesco Personal Loan

A Tesco personal loan will give you an excellent rate of interest, with as low as 6.9% for higher borrowing amounts. But it's a no-frills service, with few benefits and the credit check can take time so if you need an immediate decision go elsewhere. They are also not really geared up to lend to uncreditworthy cases, so if you have CCJ's or other credit problems you'll have to try a specialist lender or bank.

Tesco personal 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 personal loan is only available between £3,000 and £25,000, so if you only want £500 there are better options elsewhere (although if that's your requirement, you should consider an overdraft). Rates start at 6.9%. The lowest rates are reserved for online applicants (if you call up, you can expect a rate of around 0.9% APR higher- over a long term that's a substantial amount of money), and you can use the loan for any purpose. There are some extra benefits: 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.

Applying for a Tesco personal loan is easy- apply online, wait for a credit check which should take a few days, and then expect the cash in your bank account around three days later- you can get immediate decisions with some providers, so if you're desperate then shop around. Tesco say they will sometimes lend to people with bad credit, but it's at their own discretion and you will pay an artificially higher rate.

All in all the Tesco personal loan is good value, but with no frills, making it most useful for folks consolidating debts. If you have a lot of money on credit cards, and you want a structured way to pay it all off, this could be the answer.