Personal loan rates slashed at Alliance & Leicester

Thu, 20 Apr 2006

Alliance and Leicester has cut the interest rate on its unsecured personal loan by 0.2 per cent.

The new rate is 5.9 per cent, which according to the bank beats a number of its high street rivals, including Barclays bank.

Alliance and Leicester claims that a £7,500 loan from them will cost consumers £8,654 to pay back over five years, compared to £9,475 with Barclays who offer an APR of 9.9 per cent.

Claire Alvey from the bank says that the new low rate is ideal for borrowers looking to sort out their finances and make significant savings on their loan repayments.

She explains that borrowers could easily save themselves £820 or more in just interest if they swap from higher interest loans and credit cards to Alliance and Leicester.

"By reducing our personal loan rate we are making borrowing even more affordable, and could provide people with the perfect opportunity to spring-clean their finances," she added.

Alliance and Leicester is one of the UK's major financial services groups. It offers a broad range of financial services to personal and commercial customers.

Alliance and Leicester is the UK's seventh largest bank, with around 5.5 million customers.

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