Tesco Bank has reduced its interest rates on personal loans between £5,000 and £25,000, giving customers some of the best rates available in the market.
With March 7 marking the fourth anniversary since Bank of England base rate dropped to a record low of 0.5 per cent, analysis by MoneySupermarket has shown that the cost of borrowing on mortgages and personal loans has fallen dramatically over the period, while savings rates have plummeted further since the Funding for Lending Scheme was introduced in August 2012.
An estimated 164,000 consumers collectively took out £1.6 billion in personal loans in the first quarter of 2012 in order to consolidate existing debts, according to analysis from Sainsbury's Bank Loans.
Derbyshire Building Society is reducing its personal loan rate to a market-leading 5.0% APR Representative - the lowest rate advertised in the UK this decade.
M&S Bank is reducing its personal loan rate from 5.6 to 5.4 per cent APR (representative) on loans between £7,500 and £15,000 over 12 to 60 months, and will also reduce the rate on loans between £15,001 and £25,000 from 9.9 to 7.4 per cent APR (representative).
Derbyshire Building Society is introducing a new personal loan rate of 5.1% APR representative for loans of between £7,500 and £15,000 for a term of up to five years.
Borrowers looking to take out a personal loan, mortgage or credit card in 2013 could benefit from greater competition in the market as a result of the Bank of England's Funding for Lending Scheme.
M&S Bank is reducing the rate on its mid-value personal loans from 7.3 per cent to 7.0 per cent APR (representative). The offer applies to new personal loans between £5,000 and £7,499 over 12 to 60 months.
Clydesdale and Yorkshire Banks have announced a market leading rate of 5.1% APR on personal loans for both new and existing customers.
Tesco Bank has reduced its interest rate on personal loans between £7,500 and £15,000 to 5.2% APR representative, offering customers the lowest personal loan rate from a UK bank in a decade*.
The Co-operative Bank has reduced rates across its personal loan range, with loans now available from 5.4% APR.
AA Financial Services has reduced the rate for personal loans to 5.6% APR representative but AA members benefit from a lower 5.5% APR representative rate.
The best buy personal loan rate has fallen to the lowest level for over decade following the launch of the market leading loan from Sainsbury's Bank, with a rate of just 5.4 per cent.
The Derbyshire Building Society, part of the Nationwide Group, is reducing its personal loan rate to a market-leading 5.5% APR Representative.
M&S Bank has reduced the rate on its personal loans from 5.8 per cent APR (representative) to 5.5 per cent APR (representative), its lowest ever rate. The offer applies to new personal loans between £7,500 and £15,000 over 12 to 60 months.
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