Tesco loan quick question....

Harman83

Hi was looking into tesco loans and what attracted me was the great rate advertised at 5.1%. How many people actually get this rate, do they advertise this to drawer you in and offer something different obviously to suit your personal needs. My credit report with experian states 903 and good so hoping this will be good enough perhaps not for top rates but close.
Also, they advertise a ten year period which is ideally what I want, but can this only be taken out as a home improvement loan etc, and can you pay back more to reduce the term of the loan?
Can't find anywhere else that will do a ten year loan for a reasonable rate, any advice will be welcome
Thank you!!

DCFC79

Harman83 wrote: »

Hi was looking into tesco loans and what attracted me was the great rate advertised at 5.1%. How many people actually get this rate, do they advertise this to drawer you in and offer something different obviously to suit your personal needs. My credit report with experian states 903 and good so hoping this will be good enough perhaps not for top rates but close.
Also, they advertise a ten year period which is ideally what I want, but can this only be taken out as a home improvement loan etc, and can you pay back more to reduce the term of the loan?
Can't find anywhere else that will do a ten year loan for a reasonable rate, any advice will be welcome
Thank you!!

Its something like 51% that have to get the advertised rate. They might say something like " this is a rate you may get but it depends on your circumstances ".
Your score of 903 is pointless/useless etc as lenders dont see it plus lenders use a scoring system to determine whether to lend to you and @ what rate.

Caz3121

and the 51% of accepted applicants that must get the 5.1%
so those rejected are not in the calculation

worried48

We had a seven year loan - two years still to run and it feels like a never-ending millstone round our necks. Would hate to have a ten year loan unless it was a mortgage. Have you no other options?

Fruit_and_Nut_Case

Harman83 wrote: »

...can you pay back more to reduce the term of the loan?

Tesco_Loans wrote:

Early Settlement You will be charged up to two months interest if you choose to settle your personal loan from Tesco Bank early.

http://www.tescobank.com/loans

ch3101

Harman83 wrote: »

Hi was looking into tesco loans and what attracted me was the great rate advertised at 5.1%. How many people actually get this rate, do they advertise this to drawer you in and offer something different obviously to suit your personal needs. My credit report with experian states 903 and good so hoping this will be good enough perhaps not for top rates but close.
Also, they advertise a ten year period which is ideally what I want, but can this only be taken out as a home improvement loan etc, and can you pay back more to reduce the term of the loan?
Can't find anywhere else that will do a ten year loan for a reasonable rate, any advice will be welcome
Thank you!!

The rate completely depends on your circumstances and financial behaviour.
You can make fee free overpayments at any point to either reduce term or reduce monthly payment amount.
If you aren't doing home improvements then don't say you are - it's fraud. And why would you want a loan for 10 years, especially if it is under 15k?

Harman83

Ch3101, not for one minute would I commit fraud so please don't suggest that. If you read my question I ask can a ten year loan only be taken out for home improvements?