Tesco Personal Loan at 6.9% APR (not 3.6%)

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pennypincher

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This was discussed on Newstalk this morning but I can't find any details on the Tesco web site.Has anyone any links or details to the same?
 
Re: Tesco Personal Loan .1% above ECB

Looks like it's 3.6% - which equates somehow to 6.9% APR- which is what tesco are advertising on their web site. It's alimited offer apparently till Feb.
 
Re: Tesco Personal Loan .1% above ECB

It says in the Indo that the 6.9% APR is a result of applying the 3.6% rate to the principal for the full term of the loan.
I'd imagine this is similar to a credit card...where unless you pay off the full balance at the end of the month they charge interest on the total, not the remaining total.
Still a good deal though
 
Re: Tesco Personal Loan .1% above ECB

Sounds like a classic case of needing to read the terms & conditions carefully so!
 
Re: Tesco Personal Loan .1% above ECB

If they advertise it the way it was reported on in today's Indo, it would be a clear breach of the Consumer Credit Act. As I understand it, a lender can only quote the true APR and no other rate.

It is so misleading that I have edited the title of this thread.

Brendan
 
Re: Tesco Personal Loan at 6.9% APR( not 3.6%)

The fliers they have for it at the check-outs use the 6.9% APR figure.
 
Re: Tesco Personal Loan at 6.9% APR( not 3.6%)

I applied for a loan online last Tuesday, no response to date, rang their 1850 number yesterday, said that due to the response to their offer it could be next week before my application is processed. Bit slow............
 
Re: Tesco Personal Loan at 6.9% APR( not 3.6%)

Still haven't received confirmation of loan. Have opened correspondence course. May have to wait for an '08 model. Anyone else had problems with them?
 
Re: Tesco Personal Loan at 6.9% APR( not 3.6%)

Me too. Applied last Wed. Still no decision. Advised today that due to the backlog of applications they couldn't tell me with any certainty when my application would be processed (Tesco claim 2 days on their website).

Here's the deal....went into the local Honda dealer today and made a loan application at 09:30. It was approved at 12:25. The dealers finance works out at €7 extra per month over Tesco.

I can have the car on Friday if I take the dealers finance or I can wait the two weeks for Tesco to get their finger out and move things along. I was prepared to wait for Tesco's but I cannot deal with not knowing where I stand. On this basis I'll go for the Dealers finance.
 
Re: Tesco Personal Loan at 6.9% APR( not 3.6%)

trustno1 said:
Me too. Applied last Wed. Still no decision. Advised today that due to the backlog of applications they couldn't tell me with any certainty when my application would be processed (Tesco claim 2 days on their website).
Click to expand...

My girlfriend applied for a Tesco Personal Loan 4 weeks ago and only received the money last Friday. The were a nightmare to deal with, lost bank statements faxed to them and asked her to resend them which she did. A week later when she contacted them to see what the story was she was told the information wasn't enough! Then they looked for joint account statements which I thought was cheeky...then they started asking about me which I went ballistic about.
Great rate it has to be said but almost hilariously bad service.
 
My friend was basically told they couldn't guarantee him his loan within the time he requested due to the high volume of business they are processing at the moment.

trustno1 said:
On this basis I'll go for the Dealers finance.
Click to expand...

But is this a 'vanilla' loan (i.e. the same as what you are getting from Tesco) or a finance/HP agreement, which is a different animal altogether.
 
I applied for a tesco loan yesterday. The guy on the phone said that he worked for Ulster Bank after I told him my current account was with UB. He could see all the transactions in my current account. He then told me that Ulster Bank had a better rate and that he could offer me the loan from Ulster Bank instead of Tesco. I then went to my UB branch as it would still take 2 weeks to process the documentation if done over the phone. He said the delays are due to the postal exchange of signed forms. I got the loan at 5.8%. It was approved immediately by someone in a back office somewhere and lodged to my account there and then. I had to sign up for ufirst but it was worth it.

I can't imagine tesco being too happy about UB staff selling their own products when customers ring up the Tesco loan line. Too bad for tesco but great for me.
 
GeneralZod said:
I applied for a tesco loan yesterday. The guy on the phone said that he worked for Ulster Bank after I told him my current account was with UB. He could see all the transactions in my current account. He then told me that Ulster Bank had a better rate and that he could offer me the loan from Ulster Bank instead of Tesco. I then went to my UB branch as it would still take 2 weeks to process the documentation if done over the phone. He said the delays are due to the postal exchange of signed forms. I got the loan at 5.8%. It was approved immediately by someone in a back office somewhere and lodged to my account there and then. I had to sign up for ufirst but it was worth it.

I can't imagine tesco being too happy about UB staff selling their own products when customers ring up the Tesco loan line. Too bad for tesco but great for me.
Click to expand...

5.8%...that's a fantastic deal.
 
I am still waiting for loan approval.................
and my current account is with Ulster Bank!
Is this a world record?
 
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