7 November 2005
Tesco has announced that it will be cutting interest rates on its most popular band of personal loan – providing a heartening boost to those seeking to take up such a service ahead of Christmas.
Loans of between £7,500 and £25,000 will now see a rate of 6.3 per cent APR charged to customers taking up the service both online and offline – a decrease of 0.3 per cent.
A further reduction has been made for loans amounting to between £5,000 and £7,499 – with rates now of 7.4 APR, down from 7.6 per cent. The loans are fixed and do not incur payment fees or additional charges.
The company's personal finance branch is a joint venture between itself and the Royal Bank of Scotland.
Tesco – along with other supermarkets – has been keen to bolster its provision of financial services of late, and last month the firm and its competitors won the right to add legal advice using high street solicitors to its range of facilities provided.
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