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Tesco loans in the uk

by Jim ONeil on October 26, 2010

in high street loans

With unsecured personal loans becoming more popular than ever in the UK, there
are quite a lot of loan companies that offer these loans to borrowers. Today, tenants and non-homeowners find it easy to arrange for funds when they really need it, thanks to the various loan options that are available to them. One such company offering unsecured loans is Tesco which has made quite a name for itself in this sector.

Tesco loans introduced

Tesco loans have been around for quite some time and thousands of borrowers have taken advantage of the unsecured loans offered by the company. The

loans that are offered by the company have several specific advantages. The company offers unsecured loans from GBP 7500 to 14,999. one of the best things about these loans is that there are no set up charges that the borrowers would have to pay, unlike several other companies that charge high set up fees.

Tesco offers a typical APR of 7.7% which is considered to be quite a good deal for unsecured loans. Of course, the APR would vary according to the individual borrower and would depend on quite a lot of factors. However, the low interest rates are still quite attractive for the borrowers. Once you do take the loan, you would be expected to pay monthly instalments which are fixed through the loan term. The main benefits of the Tesco loan is that it offers a fixed rate of interest. This means that you would not have to worry about any interest changes in the market.

Another great benefit is that you would be able to choose your repayment date. You can make the monthly payments on the date that is chosen by you so that you would have more convenience. Tesco also offers a payment break option to the borrowers at the beginning of the loan if they require. If you opt for it, you would not have to make any payments at all for three months at the start of the loan term. The term can also be extended for another two months, however, the interest rate would be chargeable for the entire term.

Applying for a Tesco loan

There are a few eligibility criteria that you would have to fulfil in order to get an unsecured loan from Tesco. You would have to be minimum 18 and maximum 74 years of age and would need to have a regular income of at least GBP 10,000 annually. You must have a valid building society or bank account with a decent credit history. You should have a permanent address in UK. The term offered is maximum 5 years on the loan.

Although Tesco does not offer any secured loans, loans of amount GBP 15,000 and above are only offered to homeowners. The funds that you get can be used for debt consolidation, car repair or replacement, education or for any other purpose.

Representative example

Loan amount: £10,039

Monthly payment:  £225.01

Term of loan:  52 months

Total amount to be repayable: £11,700.52

admin

Hi Evelyn

Thanks for your comment. Do you have a phone number? I can ask someone to call you with some options.

James

SC

I want to do my post graduate studies in the UK but where I am from (Guyana) the pool of the various types of scholarships available to study in the UK is very limited (e.g. Commonwealth, Chevening, etc.), and only a chosen few are selected anyway. so I am thinking about some other means of funding.
The Tesco loan looks like an option because the payback terms are quite reasonable and manageable for me compared to the banks here. I do have capital but I prefer to take a loan to pay my tuition since it’s more manageable for me. But I’m not from the UK and I don’t have a bank account there, so I am out of luck?

Vincent-Strong-Editor-UK-Fast

Hi SC

I think you will struggle to secure a Tesco loan as you are not in the UK and don’t have a bank account either. Why not gove them a call direct and see if they can offer you some solution. Alternatively you can read more about Tesco loans here:

http://www.tescofinance.com/personal/finance/finance/loans/index.jsp?

Zahid

Hi,
i am an international student in my last year of university. i wanted to take loan for my last year. Tesco loan looks good. Is there a chance of me getting this loan. If there is then how i can get it?

Zahid

admin

Hi Zahid

Thanks for your question.Please go to this page, it gives you all the required details to contact them for the application:

http://www.tescofinance.com/personal/finance/finance/loans/contact.html

wali khan

i am an international student currently studying here in england am about to complete my first year of undergraduation….but due to high expences here and high fess for international students more than 9 grands a year am getting out of budget…so can i apply for tesco international student loan…so that i can concentrate more on my studies then handling my budget…….??

Ahmad

Hi, I am international student , I have completed my HNC and now get unconditional offer letter for doing HND from the college, This time I have faced some problem to pay my tuition fee, I already have half of my tuition fee, Can you plz. tell me how can I get and apply the loan?
Thanks

Md masud

I am international student,just want to know that is there any loan available for me where i can repay after compleating my study?

Didie

Hi, I am an international student currently studying undergraduate course in UK. I am about to finish my first year and I want to ask is it possible for international student to apply for a loan in tesco bank?

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