Loans
No repayments until 2009
We know life can be challenging. That's why at Tesco we're always thinking of ways to help.
Some things in life can't be put off easily. That old car that needs replacing, or much-needed.home improvements that need addressed. Maybe you need to consilidate your finances into one simple monthly payment. Whatever it is, we could help.
Plus, if you take advantage of our 2 month payment holiday, you could pay nothing until 2009!
Just speak to one of our friendly customer service team; they'll be happy to help.
0845 3030 047 or click below to apply online
Loans available to UK residents and over 18s only.
What are the key benefits of a Tesco Loan?
- Take a 2 month Payment Holiday at the start of your loan (Subject to eligibility)
- Borrow from £3,000 up to £25,000. Click here for full rate details and product summary.
- No set up fees
- Variable repayment day
- Fixed interest rates so your repayments will never change
To give you an idea of what repayments could be:
| Loan amount: | £7,500 |
|---|---|
| Monthly payment: | £160.65 |
| Including monthly insurance payment: | £29.61 |
| Over: | 72 months |
| Total Amount Repayable: | £11,567.00 |
| Including total insurance premium: | £1,695.00 |
| APR TYPICAL: | 8.2% |
The above example includes...
Tesco's optional Standard Payment Protection Insurance. Rates depend on circumstances and loan amount. The actual rate we offer may be higher depending on our assessment of your personal circumstances and financial behaviour.
Our PPI is a single-premium policy which is funded by a loan. This means that the premium will be added to your loan amount and you'll pay interest on it.
Give Yourself Some Space With A Payment Holiday
Take a 2 month Payment Holiday and you will make no repayments for up to 3 full months from the date you receive your money.
Just the flexibility and reassurance you need in the first few months of your loan.
If you choose the Payment Holiday option, your loan term will be extended by two months and the interest is chargeable throughout the whole loan. Interest will continue to accrue during the Payment Holiday. A Payment Holiday is subject to lending criteria and may not be available to all customers.
Compare Our Loan Rate With Other Lenders
| Lender | APR Typical | 72 monthly payments of | Total amount to be repaid | Savings over 60 months |
|---|---|---|---|---|
| Tesco Loans | 8.2% | £131.04 | £9,435.00 | - |
| Marks & Spencer Money | 9.9% | £139.14 | £10,018.08 | £583.08 |
| Halifax | 9.9% | £139.33 | £10,031.67 | £596.67 |
| First Direct | 11.9% | £144.04 | £10,370.55 | £935.55 |
Based on a £7,500 loan over 6 years without loan Payment Protection Insurance. Competitor rates: Details correct as of 05/11/08. Source:Aequosonline.com (new window) – with data provided by Defaqto Limited.
Above example is for illustrative purposes only. Rates depend on circumstances and loan amount.
8.2% APR Typical
Payment Protection for your loan
Our optional payment protection insurance that could make your loan repayments when you're not able to.
It could mean less stress and one less financial headache if you're faced with an unexpected illness, injury, involuntary unemployment or death.
Tesco Payment Protection insurance has been awarded Five Stars for the quality of cover by Defaqto, a leading independent financial research company.
Tesco is the only supermarket bank to receive Five Stars, the highest rating available. The Five Star Cover offers a very high level of cover and it's a mark of confidence and assurance of quality.
Tesco Five Star Total Cover includes:
- Loan repayments protected in event of illness, accident, unemployment or death
- £100 Tesco giftcard every month you claim
- Five Tesco.com home grocery deliveries every month you claim at no cost
- Advice from a confidential Back to Work Advice Service
More detailed information about Tesco Total Cover payment protection insurance.
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