Santander wins 4-star review for personal loan | Product News - Moneyfacts

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Santander wins 4-star review for personal loan

Santander wins 4-star review for personal loan

Category: Loans
Date: 17/12/2014

MONEYFACTS ARCHIVE
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Santander has amended selected rates on its personal loan by up to 0.7% APR, increasing the competitiveness of its higher-tier lending and earning a four-star review.

The basics…

A Personal Loan of £5,000 to £7,499 for a term of one to five years now has a rate of 5.2% APR after receiving a 0.1% reduction, while higher loan amounts of £15,001 to £20,000 saw the biggest reduction of 0.7%, giving it a rate of 4.5% APR. Meanwhile, a loan of £7,500 to £15,000 has a rate of 4.5% APR after having been increased by 0.2%. The two remaining tiers remained unchanged.

The finer details…

Example monthly repayments: £5,000 over three years = £150.12.

The loan is available to borrowers aged 21 or over and can be applied for in branch, by phone or online.

Borrowers should remember that all rates depend upon their credit rating, loan amount and the term chosen.

Why we like it…

Despite increasing the rate in its mid-tier loan, Santander has made welcome reductions on its £5,000 to £7,499 and £15,001 to £20,000 tiers, with the latter receiving a particularly impressive 0.7% reduction. As a result, borrowers looking for a higher-tier loan are likely to be attracted by this offer, which has boosted its competitive edge in the personal loans market.

Four Moneyfacts Stars have been awarded.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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