Moneyback announces lowest APR on personal loans
Loan providers in UK have intensified the cut-throat competition by lowering down the current APR rate. MoneyBack, a loan providing firm now boasts with the lowest APR on personal loans i.e. 5 per cent.
London May 15, 2006: MoneyBack, a personal loan provider has lowered down the APR rate at 5.5 per cent for personal loans.
The company has lowered down the previous rate of 5.7% to 5.5% and this is the lowest market rate as against the 5.6% APR offered by personal loan providers like Direct Line and Northern Rock.
It is good news for customers who want to go for personal loans. Nick White, head of the personal finance at price comparison website uSwitch.com said that the decision of MoneyBack to cut the interest rate by 5.5% for loans between £3,000 and £25,000 is due to the fierce competition in the market.
He also emphasised that those willing to take advantage should quickly come forward as this could be the lowest interest rate and would never go down.
Secured Loans:
TYPICAL 13.55 % APR VARIABLE
Our rates vary from 7.9% APR Variable to 19.9% APR Variable. The highest rate is for customers with severe credit problems.
Unsecured Loans:
TYPICAL 19.9 % APR Variable
Our rates vary from 7.4% APR Variable to 41% APR Variable. The highest rate is for customers with severe credit problems.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. ALL LOANS ARE SUBJECT TO STATUS IN THE UK.
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