MSE News: Tesco offers lowest loan rate on record

jonesMUFCforever

threadneedle wrote: »

Checked my credit history before trying to get a Tesco loan. Credit history good. Applied for £7500 over 5 years.
Completed the Tesco application and was offered not 5.2% but 12.5% interest!
Thought I would give my bank's (Barclays) offer of 6.2% online a try and was offered a pre-approved loan (immediate) at 10.9%. When I rang Barclays for an explanation, I was told that as I had a really good stable history and fulfilled the criteria for the low 6.2%, I could have a loan at 9-10%. I was told that not many people get the 6.2% rate anyway.
These really low rates appear to be given to a small select few.
Will my local pub be advertising beer at 10p a pint soon, but when I order the foaming brew I am startled to find I am denied? Gosh, the cheap beer is only for a few people chosen by the landlord.!

Just accept that your credit files is not good enough for the criteria laid down by Tesco and Barclaycard. The rates you have been offered are not that bad.

Size66

just did the tesco thing - got £7600 at 5.2% over 8 years. bye bye credit card debt - forever - hello a couple of home improvements!!!

jobdone1

I went with my building society nationwide and borrowed 11750 over 43 months i got the headline rate of 5.9% what a bargain the lowest rate ever on my borrowing helps me clear debt much quicker.

Treadmill

Lets hope Sainsburys take the bait and offer 5% or less.