If you are applying for a Tesco loan, make sure to enter the Tesco loan code if applicable. Tesco offers unsecured loans with a typical interest rate of 6.9% APR. This rate will be offered to a majority of people who apply for a Tesco loan, although others may be offered a loan but at a higher rate of interest. This rate is quite competitive and is attractive to many borrowers.
These loans offer a fixed rate of interest, which means you do not have to worry about market interest rates. Another benefit of these loans is that you are able to choose your repayment dates. Tesco also offers a payment break option to the borrowers at the beginning of the loan. If you take this option, you do not have to make any repayments for the first three months of the loan.
There are certain criteria you need to meet to get an unsecured loan from Tesco. You need to be between 18 and 74 years of age and have an annual income of at least £10k. You must have a valid bank or building society account with a decent credit history and be a permanent resident of the UK. A typical loan of £10k from Tesco over 52 months will require monthly payments of £225, with the total amount repayable £11,700.
Tesco offer special discounts on their loans at times to customers called Tesco Loan Codes, which give you a further discount on the loan for existing clubcard members. These codes need to be put in the application form when applying online for the loan. With the Tesco loan code and the competitive APR rate, Tesco have become a dominant force in the loans market in the Uk.
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