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
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
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.