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£5k loan tier reduced by 1%

£5k loan tier reduced by 1%

Category: Loans
Date: 14/03/2017

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 It is now over 6 months old so the content may be out of date.

Post Office Money has decreased the APR on its £5,000 to £7,499 personal loan tier by a whopping 1%, making it more competitive among its peers and earning it a high Moneyfacts rating in the process.

The basics…

A personal loan of £5,000 to £7,499 over a term of one to five years now has an APR of 4.4%.

The finer details…

Example monthly repayments: £5,000 over three years = £148.31.

Applications must be made online, though information is also available over the phone. Borrowers must be at least 21 years old with a minimum annual income of £12,000 to apply, and must have been a UK resident for at least three years. They should remember that rates are representative and dependent on their credit rating.

It should be noted that the loan is provided through Bank of Ireland UK.

Why we like it…

Its reduced rate has made this personal loan more competitive, reducing the cost of borrowing at this tier and comfortably earning it a high rating.

Moneyfacts rating: Excellent

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
 
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