Clydesdale Bank has reduced the cost of loans of £5,000 to £25,000 by up to 2.0% APR, propelling it back into the Moneyfacts charts as a result.
A personal loan of £5,000 to £7,499 over a term of one to five years now has a competitive rate of 4.4% APR (-1.0% APR), while a loan of £7,500 to £15,000 over a term of one to seven years has an eye-catching rate of 3.4% APR after receiving the maximum reduction (-2.0% APR). Finally, a loan of £15,001 to £25,000 over one to seven years has a new competitive rate of 3.8% APR (-1.6% APR).
Example monthly repayments: £7,500 over five years = £135.93.
Borrowers must be at least 18 years old and apply online in order to be eligible for this deal. Applicants should remember that rates are representative and dependent on their credit rating.
For those who would prefer to not apply online, an alternative version of the loan that accepts in-branch and telephone applications is available. However, loans of between £7,500 and £15,000 will charge different rates to the online-only version. These loans are also available through branches of Yorkshire Bank.
The rate reductions to select tiers of this loan has enabled it to move back into the charts, which is sure to boost its appeal among borrowers. By applying online, borrowers can get a particularly competitive deal for mid-tier loans, thanks to a significant rate reduction of 2.0% APR. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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