Tesco Loans

Loans are generally considered as liabilities of the borrower who has to repay the loan. But they are assets to their lenders who generate income from them. Loans can be used for any purpose like purchase or just to get the finances right. There are many finance companies which provide the loan and TESCO is one among them. TESCO is also a very popular lender in the United Kingdom and their loans are also popular.

TESCO offers loans from £3,000 up to £25,000. They have many benefits like no set up fess, fixed interest rates, repayment holiday and variable repayment date. Any resident of United Kingdom above the age of 18 can get a TESCO loan. Typical APR means Annual Percentage Rate and this rate is fixed for the whole term of the loan and its does not change.

Repayment term for the loans is fixed at the start of the loans. Loans below £15,000 have a repayment term of less than 5 years. Those loans which are used for home improvements and are above £15,000 can get repayment terms above 5 years.

The typical APR for these TESCO loans is 6.8% and this APR is very low when compared with other finance companies like Alliance & Leicester, Marks and Spencer, Nationwide which offer personal loans.

TESCO loans come with a payment holiday which is for 2 months from the start of the loan. Payment holiday is an optional that is available in these TESCO loans and the interest for the payment holiday is carried throughout the entire period of the loan. This option is available only to select customer and it is subject to a lending criteria.

Loans from TESCO offer payment protection as optional. This life insurance is provided by Direct Line. Payment protection helps to protect the repayment at times of illness, accident, unemployment and death. The insurance provides the best protection for repayment for a very minimal amount. There are some additional benefits with Payment Protection like work helpline, Tesco.com home deliveries and Tesco shopping vouchers.

Tesco considers it very important to help the customer and hence the phone lines are open to apply for a loan or have details changed or to just ask a question. Phone lines are open from Monday to Friday from 8 a.m. to 8 p.m. and on Saturdays and Sundays keeping in mind the needs of customers with special needs there is text phone and type talk facility on Tesco phones.

With a low APR and payment protection for the safety of the customer TESCO Loans are a sure draw. But anyone who is interested in borrowing should first weigh the pros and cons of the loan before they enter into a business deal. Though the offering may be great, customers should be able to decide whether the loans really suit them. In this way TESCO loans will surely suit customers who want to make the most out of their personal loans.