Tesco Bank Personal Loan Requirements2 min read

 Established in the UK, Tesco Bank was opened in 1997. It offers a range of unsecured personal loan from £1,000 to £35,000 alongside other insurance and banking services. It is located in Gyle district to the west of Edinburgh. When customers apply for loan, they can repay within a repayment period of between one and ten years, giving them enough time to spread the cost and clear debt. Applicants can use these loans for home improvements, holidays or vehicle purchases.

Tesco Bank Personal Loan Interest Rates

Unsecured loans do not require people to provide assets as their security. However, applicants must have a good credit score for favorable interest rates. Interest rates depend on various factors. Tesco Clubcard members, for instance, have preferable rates. Applicants who are not members may still be eligible to good rates, depending on the borrowed amount.   For example, if a customer chose to borrow a loan worth £5,999, an extra £1 could fetch a handsome rate.

With the current Tesco Bank personal loan requirements APRs, acquiring a loan of between £1,000 and £2,999 results in an interest rate of 17.6 percent. However, if the customer borrows £3,000 to £4,999, they may attract a rate of 11.7 percent. It is worth noting that Tesco’s personal loan calculator will factor in the applicant’s credit history. Should the credit history not have blemishes, the customer will give the lowest rate. Many people often want to know the amount of their repayment and the interest thereof. In that case, customers are encouraged to use the Tesco Bank personal loan calculator to adjust their borrowing amount.

The Loan Application Process

Customers can apply for Loan over the phone, online or through a postal form. Before applying, the applicant must have the following:  

Bank details, including account number and sort code

• Credit balances

• Employer’s address

• Income and expenditure details

• Residential address details that cover the last three years.

To qualify, the applicant must be between 18-74 years of age and must have lived in the UK for over three years. Such applicant must also be gainfully employed and not on probation or self-employed for not less than two years.

A steady flow of income is mandatory. For Tesco bank personal loan requirements, there’s an offer of fixed interest rates for the duration of the repayment period. This ensures that they know the exact amount to budget for when you apply for loan.