Lloyds Bank has reduced the cost of borrowing between £5,000 and £7,499 by 2.5%, earning it an 'excellent' rating in the process.
Existing customers looking for a personal loan of between £5,000 and £7,499 will now pay 10.4% APR over terms of one to five years. Loans of between £7,500 and £25,000 haven't seen a reduction but are offered at a more competitive 4.4% APR.
Example repayments: £5,000 over three years = £161.18.
Rates are available to existing customers only – a current account must have been held with the lender for at least three months to be eligible. Borrowers should remember that rates are representative and dependent on individual credit ratings and the amount and term of the loan.
This reduction has strengthened Lloyds Bank's position in the personal loan market, something that existing customers may want to take notice of.
Moneyfacts rating: Excellent
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