Alliance & Leicester has announced that it is reducing the interest rate on its unsecured personal loans by 0.5 per cent.
This reduction brings the new typical annual percentage rate to 6.1 per cent, which the bank says is "one of the most competitive deals available" on personal loans.
Shopping around for a competitive deal on financial products should be a top priority at the start of 2006, as many people overindulged on food, drink and spending over Christmas, says Claire Alvey, Alliance & Leicester personal loans manager.
It is expected that many Britons will review their finances at the start of the new year and with one in five saying they want to reduce their debts, a personal loan could be a good way to consolidate these.
Ms Alvey explains: "People with debts on more expensive store cards and credit cards can easily consolidate these into a low rate personal loan.
"This will give them the discipline of having to make just one fixed monthly payment, a definite end date for their debt and a fixed rate of interest for the term of their loan," she says, adding that they can do this while saving money.
Those who would like to apply for an Alliance & Leicester personal loan can do so via the bank's website, the phone or at one of its branches.
No arrangement fees apply to these personal loans and customers have the option of taking out payment protection insurance.
Personal loan interest rate reduction
Personal loan interest rate reduction
Tue, 10 Jan 2006
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