Tesco Bank cuts personal loan rate for Clubcard customers

Edinburgh-based challenger bank Tesco Bank is now offering its lowest personal loan rate for its Clubcard customers looking to borrow between £5,000 and £7,499.

The new rate of 3.8 per cent APR representative (reduced from 4.3 per cent) is one of the most competitive on the market.

Tesco Loans have a straightforward application process and customers can make fixed monthly payments and there are no set-up charges. Eligible customers also have the option to apply for a payment break at the start of the loan.

David McCreadie, managing director at Tesco Bank, said: “We are committed to helping customers at every stage of their lives and customers take loans for a variety of reasons. Whether it’s for a new car, a home improvement or a once in a lifetime holiday, we are pleased to offer Clubcard customers one of the most competitive loan rates available on the market.”