Tesco loans are credit facilities offered by Tesco Bank to people who need to urgently meet some needs. When you are offered this loan upfront, you can spread the repayment according to your financial power. So you can get the money for a car, an exotic holiday, or other things you may need money for.
Tesco Loans offer people loan amounts between £7,500 and £15,000 with a repayment plan that can be spread over 8 years.
Why you need to consider Tesco Loans
While you have different lenders that you can easily choose from, you may want to consider taking a loan from Tesco Bank for these simple reasons:
- They offer unsecured loan: The implication is that your assets are not used as a security for whatever loan you take from them. Therefore, you are not at the risk of losing your home, car, or any other asset if circumstances make it impossible for you to make repayment.
- Fixed monthly repayment: The repayment for Tesco loans are fixed monthly. This makes repayment easy as it affords you the opportunity to plan your expenses and payment with the knowledge that there won’t be a sudden increase in your payment.
- Flexible repayment plan: You have between 12 to 20 months to spread your repayment depending on the loan type and amount. This will make your repayment easy without any stress.
- Reasonable lending: Tesco Loans are lent to people according to their repayment ability. This shows the willingness of the lender to spare you the undue stress of not meeting up with your monthly repayment.
- Break option: For customers who are considered eligible by the bank, there is a break option of two months. You can avail yourself of this break at the initial stage of your loan. Instead of starting the repayment a month after taking the loan, your repayment will start three months later. However, you will be charged the regular interest during this period.
- Useful mobile banking app: If you want to keep an eye on your loan including knowing your balance on the go, you will find the mobile banking app handy. This is useful if you don’t want to go through the rigors of checking your mail to compile your repayment records always.
- Excellent customer support: There are customer support lines for use if there are questions or inquiries. These lines are available from 8 am to 8 pm from Monday to Friday. During the weekend, they are open between 9 am and 5 pm.
Tesco Loans are a great loan option if you want a good loan company with a flexible repayment plan that is designed to make repayment easy for you.
You must be eligible for this loan before you are given the loan. Your eligibility is determined by whether you meet these requirements or not:
- The minimum age requirement is 21 years
- The prospective borrower must live in the UK.
- He or she must have a regular job.
- A monthly income that will make repayment easy is a must.