Advantages Low interest rates
Disadvantages Slow setup
14 months ago I decided I would like a new car so I was looking around for loans. Banks were all about 14% APR +, and the lowest I could find was £10.2% APR from Paramount Bank. This was however until I was recomended to Tesco. Their APR was and still is 8.9% APR. What a difference!(Please note: APR figures above are based on a £5000 loan).
I therefore decided to apply for a Tesco loan - and did it all over the internet. I basically filled in all my details (names, address, work info, etc) and pressed submit! It then gave you confirmation that an advisor will be in contact with a decision. I was very shocked that within an hour, I had a call from Tesco confirming my loan - initially. This is where the process slowed down. They wanted me to send them six months pay slips and bank statements. I sent this the same day. However, from the initial quick responce, it took a further week for them to confirm and accept. The money ws then transferred and my pay slips, etc sent back.I know this isn't very long, but compared to banks (offer loans on same day) the processing and time taken was quick long. Aloughth worth it for a low APR.
I have a direct debit setup and on the 4th of each month (date can be easily changed) my monthly payment is automatically taken out. A year into my loan repayments and I have not had to make one complaint, not one query - nothing. It has been such a good service and all payments taken and processed on time.This is an excellent loan service and the APR says it all. Can't be beaten in terms of value and service received.
|Competitiveness of APR|
|Quality of Customer Service|
|Security and Privacy|
|Ease of Application|
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