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Santander cuts personal loan rates

16th December 2014 Print

From 16 December, Santander will be reducing its rates on personal loans of between £5,000 and £7,499 to a market-leading 4.9% APR.

Larger loan rates have also been reduced, and now start at a highly competitive 4.2% APR on loans between £7,500 and £20,000.

The APRs are as follows:

Personal loans between £5,000 and £7,499:

4.9% APR for new and existing 1|2|3 and Select customers(previously 5.3%).

5.2% APR for all other existing or new customers (previously 5.3%)

For personal loans between £7,500 and £20,000:

4.2% APR for new and existing 1|2|3 and Select customers (previously 4.3%)

4.5% APR for all other existing or customers (previously 4.3%)

These reductions give Santander ‘best buy’ rates for loans between £5,000 and £7,499.

Customers who sign up for 1|2|3 World can immediately take advantage of these new personal loan rates. They will also be joining the 3.4 million customers who are already taking advantage of Santander’s best buy 1|2|3 credit card and 1|2|3 current account, earning cashback on their everyday spending and direct debits.

All new personal loan rates will be available online through

Ruben Justel, Director of Cards and Unsecured Personal Loans at Santander said: “We know that people would like to get their finances in order at the start of the New Year. These personal loan rate reductions will help them to achieve these goals, and ensure that they can look forward to the year ahead with confidence.”