EDINBURGH, Scotland, December 28, 2012 /PRNewswire/ --
Tesco Bank has reduced its interest rate on personal loans between £7,500 and £15,000 to 5.2% APR representative, offering customers the lowest personal loan rate from a UK bank in a decade*.
Loan value Rate Best Buy ranking* GBP7,500 - 5.2% APR representative GBP15,000 (reduced from 5.7%APR 1 representative)
The new interest rate is effective from Friday 28 December. All Tesco Bank loans are available online or over the phone. Customers should visit http://www.tescobank.com for more information.Tesco Bank loans are convenient with a straightforward application process that gives the majority of customers an instant decision on their application**. The loans have fixed monthly payments and no set-up charges, customers can choose the repayment date as well as having the option to apply for a payment break at the start of the loan (subject to eligibility)***. David McCreadie, Managing Director of Banking at Tesco Bank, said: "Tesco Bank is offering the lowest personal loan rate from a UK bank in a decade because we understand that our customers are finding it challenging at the moment and are looking for ways to manage their finances carefully. They are looking for great value without compromising on service and this is the kind of competitive rate they are asking for****." Notes to editors: * Based on Defaqto data, information correct at 21 st December 2012. ** Customers can apply online and by phone, 0845 600 6016, between 8am - 8pm. Customers can save and return to online applications. *** Tesco Bank Loans are available to over 18s only, subject to status, UK residents only. The interest rate offered will depend on the amount the customer wants to borrow and their individual circumstances.