Lloyds Bank cuts personal loan rates | Product News - Moneyfacts

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Lloyds Bank cuts personal loan rates

Lloyds Bank cuts personal loan rates

Category: Loans
Date: 03/08/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

The basics…

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.

The finer details…

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.

Why we like it…

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

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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