Clubcard holders can now get a rate of 3.4% (a huge drop down from 4.8%) when borrowing over up to eight years, while non-Clubcard holders will get a rate of 3.6% (down from 5.9%).
Those looking to spread their borrowing between eight and 10 years can get a rate of 5.4% if they're Clubcard holders (down from 6.8%), while non-Clubcard holders will get a rate of 5.6% (down from 7.9%).
New price war on large loans
In recent years we've seen lenders locked into a race to the bottom when it comes to medium-sized loans between £7,500 and £15,000.
The market-leading deals in this sectors are currently at record lows of 3.3%.
But now it seems the competition has shifted, with providers vying for borrowers looking for larger loans of more than £15,000.
Sainsbury's Bank, Cahoot and First Direct have all reduced rates to 3.4% on larger loans in the last couple of months. In fact, Sainsbury's Bank has cut rates on loans of £20,000 to £25,000 to just 3.3% for Nectar cardholders, so long as you pay it back over two to three years. If you need longer, up to seven years, the rate is still a market-leading 3.4%.
How Tesco compares
Here's how Tesco compares on loans of £17,500 over five years.
Total amount repayable
First Direct Personal Loan*
*Available to 1st Account holders only
What you need to know before you apply
Whether you're on the hunt for a small, medium or large loan bear in mind that you might not get the headline rate you apply for.
That's because lenders only have to offer their top rate to 51% of successful applicants.
So if you have never borrowed money before or you've been late with repayments you might be offered a worse deal.