You have read correctly – Tesco direct is in fact closing down. Recently, it seems that retailers aren’t doing as well as they used to. To boot, recent data doesn’t show a favourable future for this industry. It has been noted that UK customers are making less food purchases, inflation is rising more rapidly than wages are increasing, and growing interest rates may force mortgage costs to take up a larger portion of household budgets.

 

What is Tesco direct?

 

Tesco Direct, headed by Steve Robinson, is an e-commerce website which sells all non-food items. Stocking categories from electronics and mobiles to furniture and home, toys, travel and more. In 2006, Tesco Direct was launched in the hopes of over taking the e-commerce giants, Amazon and Argos.  

 

When will Tesco direct Close Down?

 

The decision to shut down Tesco direct is the first significant decision made by the new chief executive of Tesco, Charles Wilson. He concluded that it would be easier for the public to purchase all items, food and non-food, in one place, on tesco.co.uk.. Tesco Direct will be closing down on 9 July 2018. Although this decision may benefit Tesco, as now all focus can be placed on constantly improving one website, this decision puts 500 jobs at risk.

 

How does the Closing Down of Tesco Benefit YOU?

 

Due to the closing down of Tesco direct, currently, there are massive sales taking place! The majority of these sales provide 50% off and more. Items on sale vary from the most basic to the most useful. From beds and chairs to suitcases and scooters and so much more! The only ‘downside’ to these sales is that delivery can take 2 – 5 days. As well as heading online to visit these massive sales, this closure may also benefit you in the long run. You will now be able to make all purchases, food and non-food items, from one website. This one stop shop aims to make it easier for you to shop online at Tesco.

 

More About Tesco

 

Although Tesco direct may not have been doing well, Tesco remains the largest retailer in the UK. Following Tesco are the remaining retailers in the “big four”, Sainsbury’s, Asda and Morrisons. However, Charles Wilson will also have to deal with a possible merger between Sainsbury’s and Asda. This would lead to the pair controlling around 31.4% of Britain’s grocery market between them, ahead of Tesco which is currently in the lead controlling 27.6%.

 

Tesco Loans

 

Tesco also offers unsecured personal loans to the public, including a variety of short term loans. These loans vary from £1000 to £35,000 with a payback allowance of 1 to 10 years. The loans are flexible and personal to each customer. Tesco also offers a Tesco Banking App on your phone which makes it easier for the customer to keep tabs on their loan at any time.

 

Tesco Loans vs. Sainsbury’s Loans

 

Tesco’s top competitor Sainsbury’s also offers unsecured personal loans. Sainsbury’s provides loans from the value of £1000 to £40,000 with a payback allowance up to 7 years.

 

Therefore, what is the significant difference between a Tesco Loan and a Sainsbury’s Loan? 

Tesco LoanSainsbury’s Loan
Maximum APR17.6%25.2%
Arrangement Fee£0£0
Early Repayment Fee£0£5
Late Payment Fee£12£25

 

When deciding to take out a personal loan, further in depth research should be taken before a decision is made.

 

Are you looking for a short term, unsecured personal loan? Visit MoneyBoat.co.uk today to check your eligibility.