Barclays cuts loan rates for current account customers to 5.9%

Barclays has launched its market leading personal loan rate starting at 5.9 per cent APR, giving current account customers the best rate on the market for loans between £10,000 and £25,000.

In addition, all Barclays personal loans come with a price guarantee, matching the monthly difference and giving customers a one-off £50 payment if they find a similar loan cheaper elsewhere.

Qualifying Barclays current account customers will be rewarded with the new 5.9 per cent APR (reduced from 6.2 per cent APR) for loans between £10,000 and £25,000 and offered flexible repayment periods of between two and five years. All customers approved for the loan get a two month break before any payments are due and can budget with confidence as the interest rate is fixed even if base rate changes.

The Price Guarantee is available for all customers who open a Barclays personal loan and find a similar loan cheaper elsewhere within 30 days. They will have the monthly difference credited to their account and receive a one-off £50 payment.

Barclays Head of Consumer Lending, Chris Keane said: "Our new 5.9 per cent rate is the most competitive loan available in the market for qualifying customers and we continually strive to reward our customers by giving them access to better deals."

The 5.9 per cent loyalty Barclayloan Plus is subject to application and status. Existing current account customers who do not meet the criteria for the new loan rate can still opt for a competitive representative APR of 9.9 per cent also available on loans from £5,000 to £25,000. Further details can be found on barclays.co.uk/loans.