Anyone tried getting a Tesco loan?

andymc29

I've currently got £18000 sitting on a Natwest loan at 13.9%

what I want to do, is get this down to £15,000 then transfer this over to a Tesco loan at 8%, I'll also increase my monthly payments from 380 to 470 per month, I figure I should save well over £1000 in interest by the time I settle the loan.

I aim to keep £1000 in savings, then overpay my loan as much as possible until it's cleared. Good plan, bad plan? Apart from paying a month interst, are there any hidden costs in changing loans?

BenL

Did you have a go Andy?

I will be applying to Tesco in December unless the rates change a lot in the meantime.

The typical apr for under £15K, 7.8% looks v appealing.

andymc29

I won't be trying until my current loan gets down to 15,000 which will be in about four months time. But I could save a lot of interest, so should be worth trying.

sscott5581

I was approved for a tesco loan for 8K at 7.8% over 2 years 5 months, good rates from tesco!

BenL

Scott, did the rate you were given appear online with an initial aceptance? or did you have to wait for documentation to be posted?

Cheers

sscott5581

BenL wrote: »

Scott, did the rate you were given appear online with an initial aceptance? or did you have to wait for documentation to be posted?

Cheers

I phoned and made application, I was told the rate at the end of the application. This was the same rate as on paperwork.

Hope this helps!

lolam82

sscott5581 wrote: »

I was approved for a tesco loan for 8K at 7.8% over 2 years 5 months, good rates from tesco!

do they accept you if you have a bank charge for being a couple £ overdrawn?

missk_ensington

Hi I got a Tesco loan back in January 2009, for £8,000 for about 7% I think it was, I wasnt asked to prove any income (which was a good job really) although my credit rating was/is excellent and Ive obviously always made my repayments. The terms were very reasonable, allowing me to repay the debt at any time and allowing overpayments and they allowed me a 3month delay in repaying the debt when I took it out. Overall, Im very happy with Tesco :-)

tlc123_2

Hi

I have a tesco loan for about 5,500 at 8.2%. I have an excellent credit rating but a HUGE amount of bank charges for pretty much doubling my overdraft limit! So if they take me they'll take anyone! They also give you the option of adding to the loan if necessary after 8 successful payments at a preferential rate of 7.8%

I was really pleased at how quick the process was and they'e been good ever since. I'm about at the 8 month mark now and am thinking of putting all my loans into one or two with Tesco

hope this is of some help
TLC

BenL

Tesco approved me no problems. Applied 9:30am Monday and the letter arrived Tues morning.

7.9% for £14920 over 5 years. Why the silly amount? £300.01 a month repayment makes it nice and easy for budgetting.

sealine

Tesco lured me in with the offer of 8% but rang me back with the 'good news' that I could have the loan I wanted at 10%! I told them where to stick it! I know my credit rating is excellent and ran off my Equifax report to prove it to myself but I am obviously not someone who they want to encourage to lend from them!