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