Top 5 cracking loans (£7,500 over 5 years) - Loans - News - Moneyfacts

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Top 5 cracking loans (£7,500 over 5 years)

Top 5 cracking loans (£7,500 over 5 years)

Category: Loans

Updated: 04/09/2013
First Published: 04/09/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Moneyfacts.co.uk research has revealed a significant fall in unsecured personal loan rates over the last year. In fact, the average APR on a £7,500 loan has dropped from 8.2% in September 2012 to 6.8% today.

This means those hoping to find a competitive £7,500 loan over a medium-term can choose from some of the lowest rates in the market for a long time – starting at 4.9% APR from Sainsbury's Bank.

As with any form of credit, it is always wise to work out your finances and be sure you can meet the monthly payments prior to committing to a personal loan.

Top 5 £7,500 over 5 years personal loans:

The APR quoted is representative of the interest rate offered to most applicants. Depending on your personal circumstances the APR you are offered may be higher. Please check all rates and terms before borrowing.


Sainsbury's Bank
Standard Online
Nectar Cardholder Loan

4.9% APR
  • Monthly repayment £140.82 per month for 60 months
  • Total repayable = £8,449.20
  • Available to shoppers with a Nectar card used with Sainsbury's in the last 6 months
  • Must apply for this loan online

Penny saysPenny says…
"Top of the table is this personal loan from Sainsbury's Bank offering a market-leading rate of 4.9% APR.

"Applicants must remember that this rate is only available for online loan applications."


Clydesdale Bank
Online Personal Loan

5% APR
  • Monthly repayment of £141.15 per month for 60 months
  • Total amount repayable = £8,469
  • Available to new and existing customers
  • Must apply for this loan online

Penny saysPenny says…
"Offering a slightly higher rate is this online loan from Clydesdale Bank.

"This deal is available to both new and existing Clydesdale Bank customers."


Derbyshire Building Society
Online Personal Loan

5.0% APR
  • Monthly repayment of £141.15 per month for 60 months
  • Total repayable = £8,469
  • Instant online decision

Penny saysPenny says…
"In joint second spot is this offering from Derbyshire Building Society.

"Borrowers applying for this loan will receive an instant online decision."


M&S Bank
Existing Customer Personal Loan

5.0% APR
  • Monthly repayment of £141.15 per month for 60 months
  • Total repayable = £8,469
  • Applicants must be aged 30 or over or a homeowner.
  • Available to M&S main cardholders, M&S current account holders or existing M&S Loan customers

Penny saysPenny says…
"Also offering a highly competitive loan rate of 5.0% APR to its existing customers is M&S Bank.

"Borrowers will need to be either a homeowner or over 30 years old in order to qualify for this personal loan."


Zopa A*

5.1% APR
  • Monthly repayment of £141.48 per month for 60 months
  • Total amount repayable = £8,488.80
  • £90 application fee
  • Must be aged over 20

Penny saysPenny says…
"For borrowers looking for a slightly different offering, peer-to-peer lender Zopa is offering a highly competitive rate of 5.1% APR.

"As an added bonus, borrowers will not have to pay any penalties if paying off the loan early."


Information & Rates correct as at: 04/09/2013

Remember - the APR quoted is representative of the interest rate offered to most applicants.

Depending on your personal circumstances the APR you are offered may be higher. Please check all rates and terms before borrowing.

What next?

Read our tips on how to find the cheap loans here
Find the best loan for you - Loans Calculator

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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