The Co-operative Bank lowers loan rates

The Co-operative Bank has further reduced rates across its entire personal loan range by 1% APR.

Available from January 5th, the reduced rates are designed to reward existing customers and members who are taking out a new loan.  Rates start at 6.9% APR representative on amounts between £7,500 and £14,950 for existing Privilege and Privilege Premier account holders.

The lower rates for those holding current accounts with the bank are part of wider measures introduced by The Co-operative Bank to support existing customers. This week the bank announced that it is withholding interest fees between January 5th and April 4th for customers with a formal overdraft. In addition, existing current account customers can also receive a rate of 3.39% on the bank's five year 75% LTV fixed rate mortgage without paying the £999 arrangement fee.

Customers who are new to the Bank and take out a new loan will also benefit from a reduction of 1% APR on all loan amounts.

James Hillon, Head of Loans at The Co-operative Bank said: "January is typically the time when many of our customers get their finances in order and as 2012 gets underway many people will be looking for some extra money to support their plans for the year. Perhaps they are in need of a new car to fit a growing family or would like to fund some work that will add value to their home. Whatever the circumstances, as a responsible lender we're committed to offering customers affordable options to help them manage their finances over the coming year."