Santander has amended the rates on its personal loans by up to 0.3% APR. However, despite some increases, all the tiers of its open-to-all personal loan have remained competitive, earning an 'excellent' review.
A personal loan of £1,000 to £2,999 now has an increased APR of 21.1% while a loan of £3,000 to £4,999 has a rate of 14.1% APR. A loan of £7,500 to £20,000 has a new APR of 4.7%.
Meanwhile, a loan of £5,000 to £7,499 had its APR reduced by 0.1% to 5.1% APR.
All loan amounts are available over a term of one to five years.
Example monthly repayments: £5,000 over three years = £149.91.
Borrowers must be over 21 and have an income of at least £5,000 per annum to apply. Applications can be made in branch, over the phone or online.
Borrowers should remember that all rates depend upon their credit rating, loan amount and the term chosen.
Although the majority of these tiers have witnessed a rate increase, all remain competitive in their sector. As a result, borrowers are still likely to show an interest in these offerings.
Moneyfacts rating: Excellent
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