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.
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.
Penny 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
Penny 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
Penny 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
Penny 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."
Penny 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.
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 Any products featured may be withdrawn by their provider or changed at any time.
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