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Derbyshire returns to the top of the loan rate table

30th January 2013 Print

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.

Derbyshire's market-leading personal loan rate could be a welcome boost for those wishing to consolidate their debts, as the first couple of months of the New Year typically see a seasonal rise in debt consolidation. With economic conditions still difficult, debt consolidation could be considered as a potential way to reduce monthly outgoings as well as reducing the overall amount of interest payable.

With the average rate for a loan of £10,000 being 11.82 per cent APR, people could save £29.90 on their monthly repayments and £1,794 on the total amount repayable if they took out a £10,000 loan over a five-year period with the Derbyshire.

Paul Wootton, Nationwide's head of personal loans, said: "Our new market leading Derbyshire personal loan rate provides a great opportunity for those looking for a low rate personal loan deal.

"People often seek to consolidate debts at the beginning of a New Year. In such circumstances, a personal loan at a highly competitive rate may be the best solution. A personal loan could help reduce monthly outgoings into one manageable debt with fixed monthly repayments, helping people make the most of their hard earned money."

This rate applies to loans taken out via thederbyshire.co.uk or through the main comparison websites.