Need a loan? Borrow between £7,500-£15,000 at a rate of 5.2%APR @ Tesco Bank
23°Expired

Need a loan? Borrow between £7,500-£15,000 at a rate of 5.2%APR @ Tesco Bank

21
Found 29th Dec 2012
Tesco Bank are offering loans between 7.5k to 15k at a rate of 5.2% APR which is their lowest yet.

For example,

Representative example: assumed borrowing of £7,500.00 over 60 months at a fixed interest rate of 5.20% per annum would result in a representative rate of 5.2% APR (variable), monthly repayments of £141.81, total amount repayable is £8,508.60.

21 Comments

Typical rate, but no one gets at that rate usually around 9 to 14% so cold from me

No I don't need a loan, thanks for asking.

I don't know if that's a good interest rate or not but regardless I don't think it's a deal unless you can get a higher interest rate through saving the money you borrow.

Gu1j4r

Typical rate, but no one gets at that rate usually around 9 to 14% so … Typical rate, but no one gets at that rate usually around 9 to 14% so cold from me



It's illegal for them to advertise it if less than 51% of successful applicants don't get given the advertised interest rate.

Banned

Superstring

It's illegal for them to advertise it if less than 51% of successful … It's illegal for them to advertise it if less than 51% of successful applicants don't get given the advertised interest rate.



When did 'legality' ever worry Tesco?

So how can the APR be ‘typical’?

With the APR you’ll actually be offered so dependent on a variety of factors, how can a lender advertise a typical rate at all? If an APR is advertised as ‘typical’ it means that the lender must, by law, offer this rate to a minimum of 2 out of every 3 borrowers who apply for the credit. This means that 66% of all applicants must receive this rate for it to be classed as typical.

However though at least two-thirds of applicants should receive this rate, the APR each person is offered is still tailored to the individual, depending on their credit rating and how much they wish to borrow for how long. As such it may be a good idea to take an advertised ‘typical APR’ with a pinch of salt – because what you’re ultimately offered may in fact be significantly higher.

Read more: money.co.uk/art…htm

pikachu12

I don't know if that's a good interest rate or not but regardless I don't … I don't know if that's a good interest rate or not but regardless I don't think it's a deal unless you can get a higher interest rate through saving the money you borrow.


People can also save money by consolidating other loans/cards to a lower interest rate loan such as this.

pity not fixed rate as rates look likely to rise 2013

£7500 for only £8,508.60........deal of the day!!!

ahh I remember the days when people saved up for things

sowotsdis

pity not fixed rate as rates look likely to rise 2013



Not a fixed rate? I think you'll find it's fixed for the term of your loan.

Good luck. I applied in November, still not heard from them

...or get a credit card with an interest free period.

Better yet, don't put yourself in debt at all!

mikerr

...or get a credit card with an interest free period.Better yet, don't … ...or get a credit card with an interest free period.Better yet, don't put yourself in debt at all!


Smaller amounts over shorter term then yes, but not many banks will give £15,000 interest free on credit long term, plus there's the balance transfer fee each time you swap cards. Not to mention the person being tempted to over spend.
Also if it's for something like a car purchase, private sellers don't take cards and most dealers charge a % on top when paying with credit cards.

sowotsdis

pity not fixed rate as rates look likely to rise 2013



some very misinformed comments on here, the above being one of the strangest....

why do people comment on deals they clearly know nothing about....

this deal is hot from me.

sowotsdis

pity not fixed rate as rates look likely to rise 2013



Fixed rate for the length of your personal loan
No set up charges
Fixed monthly payments on your chosen date
Payment break option at the start of your loan, subject to eligibility

If you need a loan, this is probably one of the cheapest ways to get it at the moment.....

spannerzone

If you need a loan, this is probably one of the cheapest ways to get it … If you need a loan, this is probably one of the cheapest ways to get it at the moment.....


Wonga?


lol

Aeschylus

ahh I remember the days when people saved up for things



You probably remember the wheel being invented too
Cheers op I'm going to change my car soon so was going to start looking at loans

Aeschylus

ahh I remember the days when people saved up for things



the porter

You probably remember the wheel being invented too Cheers op I'm going to … You probably remember the wheel being invented too Cheers op I'm going to change my car soon so was going to start looking at loans



I'm still saving up for my house and a car, I should be able to buy the house in 2053 and the car in 2024.... only mugs borrow money

If you applied online and got the message we need to check some things then phone em now!

I just called, got 5.7% but my offer had expired as 30 days have passed, online it said we need to check some things and get back to you. They told me there was a paperwork printing error which is why i received no notification and the offer could no longer be honoured. They also had the cheek to ask why I had not called them earlier, besides the holidays etc my wife gave birth on the 20th and the ball was in their court.

They offered to recredit check me with no guarantee of the same rate, how very kind. Now I need to complain. Tesco ****!
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