If someone got a large expense coming up or there’s something they need, there’s a way to cover the cost without dipping into their savings. If applicants haven’t got a little nest egg but need to pay for something urgently, a personal loan can be the perfect answer.
It’s possible to apply for loan from Tesco Bank online, and applicants will get an answer almost immediately. Borrow both large and small amounts, anything from £1,000 up to £35,000.
How Much Will the Repayments Be?
For example: if a customer want to borrow £7,500 for home improvements and repay the loan over 1 year the details are as follows.
– Representative APR is 2.9%.
– The annual rate of interest (nominal) is 2.8622%.
– Monthly repayments will be £634.73.
– Total amount repaid will be £7,616.76
With a Tesco Bank personal loan it is possible to get an instant decision online. The monthly payments are fixed on a day of customers choosing. Customers who apply for a loan can also apply for a two month payment break. The maximum repayment period is 10 years, but it is possible to apply for a longer term loan. However, different rates may apply.
Credit Checks Will be Carried Out
When customers apply for a loan, Tesco Bank will carry out a credit reference search. Based on the information provided in the application and the credit reference information, a credit score will be given.
What Happens When Applying for a Tesco Bank Loan
When the credit check has been performed and a credit score has been calculated, there are a number of different decisions that could apply. The loan could be approved, in which case customers receive a digital loan agreement that needs to be signed and sent back.
The application could be approved in principle, which means more information will be required before the loan can be approved. Additional documentation such as ID-Card or address may also be required. Also you are required to be between 18-74 and a resident in UK at least 3 years. A referral also means that more information is required. In other hand the final decision could be a decline which means the loan cannot be transferred.