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Tesco Bank personal loans rate cuts

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A triple whammy of rate cuts by Tesco Bank has sent it thundering up the best buy tables for personal loans.

The bank has slashed the cost of its low, mid and high range personal loans which can be taken out over a period ranging from one to 10 years, depending on what the loan is used for.

The biggest cut has come in loans ranging from £5,000 to £7,499, which has seen its rate cut from 7.8 per cent to 7 per cent APR Representative, the second best rate around after the 6.9 per cent offered by Sainsbury's Bank and Santander.

Rate cuts: Tesco Bank has reduced the cost of all of its personal loan products.

This means someone taking out a £6,000 loan over three years will now have to pay back £79.29 less.

Meanwhile mid-range loans between £7,500 and £15,000, typically the bellweather of the UK loan market, have been reduced from 5.2 per cent to 5.1 per cent APR Representative, equal with market leaders Sainsbury's Bank, Clydesdale Bank and Derbyshire Building Society.

  More... Loans price war means rates have reached 10-year low of just 5.1% Need a loan? Find the best deal This is Money's loan repayment calculator

Loans between £15,001 and £25,000 meanwhile have been reduced to 7.2 per cent from 7.4 per cent, second in the best buy tables.

It should be noted however that as all these loans are APR Representative, lenders only have to offer the headline rates to 51 per cent of successful applicants, so only those with the best credit ratings are likely to get the best prices. 

CHEAPEST RATES ON £7,500+ LOANS

Provider APR 1 Sainsbury's 5.0% 2 Derbyshire 5.0% 3 M&S 5.0% 4 Clydesdale 5.1% 5 Tesco 5.1%

David McCreadie, of Tesco Bank, said: 'We regularly review our loan rates to offer our customers competitive deals, and today's rate changes reinforce this.

'Whether customers want to buy a car, pay for home improvements, or consolidate debts into one manageable monthly payment, they will find a good deal with Tesco Bank.'

The past year has been marked by consistent rate slashing by lenders who suddenly have access to cheap cash through the £80billion Funding for Lending Scheme.

But while most of the top rates are quote for loans of up to five years, Tesco offers loans of up to ten years in certain circumstances.

Loans under £15,000 have a maximum term of five years, but this can be extended to ten years for property owners who want to carry out home improvements.

Loans over £15,000 can be taken out for a maximum of ten years, except if they are refinancing loans in which case the maximum is seven years.

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