Average personal loans rates on the top five personal loans at £7,500 has dropped to the lowest average rate on record, according to analysis by MoneySuperMarket.com, following the launch of the UK’s lowest ever rate of just 4.6 per cent APR.
Sainsbury’s Bank has announced a flash loan sale, reducing the rate on its Standard Personal Loans from 5.1% to 4.9%APR Representative. During the sale, if the repayment term is between one to three years, the rate becomes 4.8% APR Representative.
In a move that will see Tesco Bank offer customers the best rate in the market, the interest rate for personal loans from £15,001 to £25,000 will be cut from 7.2% to 6.9%APR representative.
For 10 days only from Monday 19 August, Santander is to cut a massive 0.80% off its APR for personal loans between £15,001 and £20,000 to offer a market-leading 6.8% APR for new and existing customers.
M&S Bank has launched its lowest ever loan rate, with a rate of 5.00 per cent APR (representative) on loans between £7,500 and £15,000, available exclusively for existing M&S current account, credit card and loan customers.
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*.
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