Santander announces new personal loan rates

Santander has reduced its rates on personal loans of between £5,000 and £7,499 to a market-leading 4.6% APR.

Larger loan rates remain highly competitive and start from 4.2% APR on loans between £7,500 and £20,000.

New APRs are as follows:

Personal Loans for 1|2|3 World and Santander SELECT customers

4.6% APR on loans between £5,000 and £7,499 (previously 4.9%).

4.2% APR is retained for loans between £7,500 and £20,000.

Personal Loans for all other customers:

5.1% APR on loans between £5,000 and £7,499 (previously 5.2%).

4.7% APR for loans between £7,500 and £20,000 (previously 4.5%).

These reductions give Santander market leading rates for loans between £5,000 and £7,499.

Customers can access the preferential deals by being part of the 1|2|3 World; having either a 1|2|3 Current Account or 1|2|3 Credit Card. These products give customers cashback on their household bills, cashback on spending and interest up to 3% AER on balances between £3,000 and £20,000.

Customers who join the 1|2|3 World can immediately take advantage of these new personal loan rates. They will also be joining the 3.6 million customers who are already taking advantage of Santander’s 1|2|3 credit card and 1|2|3 current account, earning cashback on their everyday spending and direct debits.

Matt Hall, Director of Banking and Unsecured Credit at Santander said: “Customers who hold a 1|2|3 World product and are looking to Spring clean their finances with a Personal Loan will be now able to take advantage of the market-leading rate of 4.6% APR when they borrow between £5,000 and £7,499.”