Tesco pulls out of the personal loans market
12/02/09
Tesco personal finance has announced that it will be withdrawing from the personal loans market. This has come about as a result of an increasing number of loan borrowers defaulting on their loan payments therefore causing difficulties for providers.
All customers will be informed by writing of the change and they do not need to do anything at this point. Ulster Bank will continue to look after existing loan customers Tesco announced and they have commented that customers will get the same rate of interest.
Tesco personal finance deals with a number of loan products and has been one the most competitive in terms of low interest rates since they lanced a few years back. The company are hoping that this is temporary and are hoping to rejoin the personal loan market in the future.
The company are continuing o to provide in other finance areas such as credit cards, insurance, etc.
