The AA has reduced the APR on personal loans between £5,000 and £7,499 by an impressive 1%, while keeping higher loan tiers competitively low. This has made the loan even more attractive and easily earned it our highest rating.
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.
This personal loan has earned the highest Moneyfacts rating by decreasing its APR, reducing repayments in the process and making it an appealing choice for mid-tier borrowers.
Moneyfacts rating: Outstanding
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 Any products featured may be withdrawn by their provider or changed at any time.
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