Tesco loan features
- Borrow between £1,000 and £25,000
- Repayment periods from 1 to 10 years, depending on the size of your loan
- Fixed monthly payments on your chosen date
- Eligible customers can apply for a 2 month payment holiday
- Better rates in some cases for Tesco Clubcard holders
To be eligible for a Tesco loan you must:
- Be aged between 18 and 74 years old
- Be in employment with no probationary period, or have regular income e.g. pension
- Have lived in the UK for at least 3 years
- Have a UK personal current account
Tesco loan calculator
If you are interest in a Tesco loan and would like an indication of how much your repayments might be you could use the Tesco Bank loan calculator. However remember the APR you are given if you chose to apply is not necessarily the same as the one the calculator uses, yours may be affected when the lender takes your personal financial circumstances into account such as; your credit score, how much you earn and if you have any existing credit commitments. Your financial circumstances will also influence how much a lender is willing to loan you, just because the maximum that can be borrowed with this plan is £25,000 it does not guarantee that anyone can borrow that much.
Before you apply for a personal loan
There are many loans available on the market from a range of different lenders so it is wise to shop around before you apply for one to try and find a loan suitable to your specific needs. You may want to think about what features are most important to you.
You may also wish to consider alternatives to borrowing, for instance if you already have the required funds in your savings it may be better to use these instead as the interest you earn on savings may be less than the interest you would be required to pay on a loan of the same size.
There are other types of lending such as authorised overdrafts you may want to consider.
Also consider that if you are thinking of taking out alone to consolidate debt remember that spreading your payments over a longer term means you may ultimately be paying more overall than with your existing arrangements, even if the interest rate on this new loan is less than the rates you have at the moment.