Interest rates cut on cahoot personal loans

Thu, 12 Jan 2006

Internet bank cahoot has announced that from next week it will offer lower interest rates on its personal loans.

The bank's personal loan rate will be cut by 0.2 per cent to offer borrowers a typical annual percentage rate (APR) of 5.6 per cent on personal loans of between £5,000 and £20,000.

For those who would like to take out a personal loan for an amount between £2,000 and £4,999, the interest rate will be set at 8.9 per cent (APR).

At the beginning of the year, many people are shopping around for personal loans in order to consolidate their existing debts or to take advantage of January sales, says cahoot's managing director, John Goddard.

He says the bank's new interest rate on personal loans makes it "one of the cheapest places to borrow money, so consumers can get a great deal on their finances".

Those applying for a personal loan from cahoot can do so online, where they will also receive an instant decision about their application.

Early redemption penalties to a maximum of a month's interest apply to the personal loan.

Abbey, the parent company for cahoot, is one of the UK's leading personal financial services companies.

The company's range of services includes mortgages and savings, bank accounts, loans and credit cards, long-term investments including pensions and unit trusts, life, critical illness and unemployment cover and household insurance. It also provides offshore banking for expatriates.

Abbey is the sixth largest bank by assets and the second largest provider of mortgages and savings in the UK.

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