Barclays Bank has cut the cost of borrowing £25,100 to £50,000 by 0.1% APR for existing Premier Current Account customers, earnings its loan an "excellent" rating in the process.
An Existing Premier Account Customer Barclayloan now charges a rate of just 6.8% APR for those who wish to borrow £25,100 to £50,000 over terms of two to five years.
The finer details…
Example monthly repayments: £25,000 over five years = £490.29.
The loan comes with the added incentive of a Price Guarantee – if customers find a like-for-like loan that charges a lower rate, they may be able to secure that lower rate for the Barclayloan.
Borrowers must have held a Premier Current Account with the bank for at least seven months to be eligible for the loan, and should remember that rates are representative and dependent on individual credit ratings and loan amounts.
Why we like it…
Barclays' latest rate cut has ensured its personal loan becomes a leading player in the market – not only does it charge low rates for larger borrowing amounts, but eligible customers will be able to find competitive rates across all loan tiers, particularly in the mid-range, and the addition of a Price Guarantee makes it even more appealing.
Moneyfacts rating: Excellent
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