Tesco Finance Loans Review

Tesco Finance Loans is one of its kinds to offer great loan schemes to all its customers at affordable rates. The company basically deals in handing out personal and professional loans, such as home loans, car loans to their clients. The interest rate on the loans given out by them can vary depending upon the type of loan it is and the duration for which it is given out.

There are a number of services offered by Tesco Finance Loans. Some of these include:

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Tesco Finance Personal Loans

Personal loans are one of the most popular products in which Tesco Finance Loans deals. There are a large number of options to choose from, depending upon the needs and requirements of the individual.

Benefits

• It offers loans from £3000 to £25000.
• Added benefits are that the bank charges no set up fees and has fixed interest rates but variable repayment date.

Limitations

• The repayment term of the loan is pre-fixed at the start of the loans.
• Loans which are less than £15,000 need to be repaid in a period of five years.
• The payment holiday period of two months - though a lucrative offer - is available only to select members.

Tesco Finance Home Loans

Tesco home loans are designed for people who have already bought a home which can be tied up in a mortgage. They can use the home as collateral to borrow money against it. As the risk involved at the part of the lender is less with this secured loan, you get the benefit in form of lower rate of interest.

Benefits

• The home loan is one sort of secured loan where you can use the mortgaged house as a security.
• Because of low risk the rate of interest is significantly low.
• You get the opportunity to borrow more money than before.

Limitations

• Though the monthly payment is less for the home loans, you may actually end up paying a large amount of money for the interests.
• You have to pay the instalments for a long time.
• If you are unable to pay at any point of time, you might lose the property.

Tesco Finance Car Loans

Those who have always cherished a dream of purchasing a big car need not wait any more as at Tesco you get excellent car loan offers. You can always get a bunch of schemes to refinance the cars and also buy the new ones. You can take an unsecured loan for buying the car.

Benefits

• You can realize the dream of purchasing a new car at the earliest.
• You can use the car while you pay for it in small instalments.

Limitations

• The Tesco car loans are unsecured loans and this is the reason why the rate of interest is quite high.
• Purchasing a car with a car loan will mean that you are paying higher amount than the actual price of the car.
• You need to have a strong credit background in order to get the car loans.