Personal Loan Rate has been Reduced by M&S Bank

By:  19/11/2012
Keywords: personal loans, Debt consolidation

M&S Bank has decided to reduce latest personal loan rate in six years. After the reducing the percentage APR by 0.3% it stands at 5.5% APR on a £7500 loan over a five-year term.  

A Research by several debt consolidation companies has shown that the bank is offering the lowest rate since 6 years. Especially loan rate is cutting for those who are looking for a personal loan to consolidate their debt by several debt consolidation companies.  

Money-back bank offered the lowest personal loan rate on the market six years ago with 5.6% APR. During the same year, Sainsbury’s bank also offered the lowest personal loan rate which was 6.5% APR at that time.

And after next few years the lowest personal loan rates jump up to nearly 8% APR. 4 Years ago "YourPersonalLoan" offered the lowest personal loan rate at 7.6% APR and same was followed for three years in a row by rates from Nationwide. Three years ago, it offered 7.9%; the following year 7.5% and last year it fall to 6.2% APR.

A member of Moneyfacts "Rahel Springall" said that it was not the first time when M&S Bank had set the trend for rat cuts. In January of this year it had been reduced by 6.0% APR. In October, the Daily Telegraph reported that the top 10 average for personal loans over £7500 had dropped to 5.94% which made it the lowest typical rate since February 2006.

Keywords: Debt consolidation, personal loans



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