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.
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.
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.
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.
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