Tesco 6% loan

Skinto_7

Hi folks,

Anyone got expierance of tesco loan at the 6%apr?

I know it will be dependant on Credit ratings/current loans etc, however the boy at work is looking into it, but is not wanting to apply if he gets rejected or accepted for a higher rate (he already has an acceptance for a 6.5%apr loan)

He says his cerdit rating is good, never missed a payment and is not using all of his available credit allowance.

Cheers

InsideInsurance

51% of those accepted for a loan must be offered it (or in theory better) for it to be advertised.

If he has already applied for a loan elsewhere then the chances are reduced of getting it as Tesco's will be able to see another application for credit has been made and they will naturally be concerned that they may take out loans with both companies and thus if that will be affordable or not to him

smithers1981

if he's already got an acceptance for 6.5% a very good rate then i would take it, not worth another credit search and possible decline for the sake of 0.5% IMO

Skinto_7

Cheers guys.

I worked out he would roughly save £120 over 4 years if he got the tesco loan, but pointed out the recent loan app for the 6.5% would reduce his chances of getting accepted and for the £30 saving a year he might be best sticking with the loan he already has accepted and protecting his credit file.

Cheers