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Special Offer Unsecured Loan Rate At Tesco's Just 5.9% APR

March 2006

Tesco has cut the interest rate on its unsecured personal loans from 6.3% APR to only 5.9%. This is one of the cheapest deals available right now but the sale price only lasts for 6 week. There are however some points to note.

More Details On The Loan

  • Good news - it's unsecured
  • Bad news - not available for small loans under £7,500
  • Minimum amount £7,500 maximum £25,000
  • Time period - 1 to 6 years
  • Early repayment penalties of around 2 months interest so it's not the most flexible
  • The Tesco Loans website

Summary

Of course the other problem regarding these type of cheap loans is that not everyone will qualify. The main factor will be how good or bad your credit rating is. If bad or even remotely suspect (perhaps you've been late paying off credit card bills etc) then you can pretty much forget about getting an interest rate of 5.9%. They'll either refuse you or offer a loan at a higher rate, say 7.9%.

If you do have a bad credit rating with Defaults marked on it then you're advised to read the LearnMoney.co.uk article on how to get them removed - Article

See Also
TOP BANKING SEARCHES FROM FIND.CO.UK
Online Banks
Savings Accounts


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