Barclays Bank has reduced the rates on its Online Barclayloan by up to 7%, heightening its appeal to customers.
Available to existing loan customers or those who hold an existing current account with Barclays Bank, this loan now charges a rate of 19.9% APR to customers looking to borrow between £1,000 and £2,500.
Customers borrowing between £5,000 and £7,400 are offered a new rate of 9.9% APR, down by 6%, whilst loans between £9,100 and £15,000 will be charged 5.1% APR following a rate cut of 3.0%.
A rate reduction of 2.8% was also applied to borrowing between £7,500 and £9,000 and £15,100 and £25,000, which now offer rates of 7.9% APR and 5.1% APR respectively.
A typical monthly repayment based on a £5,000 loan over three years works out at £160.43.
Rates are representative and dependent on credit rating, loan amount and term.
Rate cuts across various borrowing tiers on its Online Barclayloan will appeal to existing customers or those willing to open a current account with Barclays Bank. Four out of five Moneyfacts Stars have been awarded.
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