Tesco Personal Finance Loans

Tesco Personal Finance is a internet based commercial bank in the United Kingdom owned by Tesco, the UK’s largest supermarket. Until 2008 it was a 50:50 joint venture between Tesco and the Royal Bank of Scotland, one the UK’s largest banks. Tesco Personal Finance has been a great success for both Tesco and the Royal Bank of Scotland, returning profits of £65 million for Tesco for the financial year to February 2007. The company is currently trialling a finance centre in the Glasgow Silverburn Extra store providing free financial advice and quotes for insurance and loans, this service is staffed by trained Royal Bank of Scotland staff.

Tesco Personal Finance Loans:

What are the key benefits of a Tesco Loan?

  • A great rate of 8.0% APR Typical on loans £7,500 to £14,999.
  • Rates are fixed so your monthly repayments will never change
  •  You choose the repayment date that suits you best
  •  There are no hidden fees

What is a Loan? – A loan is a financial transaction in which one party – the lender – agrees to give another party – the borrower a specific amount of money which must be paid back in full.

What is the difference between all the kinds of loans? – There are two main kinds of loans – secured and unsecured loans.

Bad Credit Loans – Bad credit loans are loans products that are specifically created for people with a bad or adverse credit history.

Tips on taking out a loan:

Do your research:

Spend plenty of time researching before making an application because each time you apply for a loan your credit history is checked and this can in turn lower your credit score.

Check for penalty charges:

Read the small print carefully when arranging your loan and check for penalties for late or missed payments or for early repayment of the loan. By paying your loan off early you will save money on the interest you would have paid but there may be a penalty charge.

Fix your interest rate:

By taking out a fixed rate loan you set the repayment rate for an agreed period of time. This will vary depending on the size of the loan, and it also protects you from rate increases and market fluctuations and helps you stick to the budget you work out at the time you agree your loan.

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