first direct slashes personal loan rate

Wed, 07 Jun 2006

first direct has cut its personal loan rate to 6.1 per cent.

Previously, the rate had been 7.4 per cent for personal loans between £5,000 and £25,000.

The company, which provides personal loans, credit cards, mortgages, internet banking, insurance , investments and savings accounts states the new rate is only available to existing customers.

An instant decision on the loan will be given to applicants and in most cases the funds will be immediately available in the customer's current account.

Other features of the personal loan include a fixed monthly payment plan, ranging from 12 months to seven years and 100 per cent of the agreed funds available instantly.

Will Gratton, product development manager at first direct commented, "This is the traditional time for people to start thinking about home improvements.

"Our new rate will be a great boost for people looking to buy a new kitchen or add a conservatory."

first direct has around 1.2 million existing clients, stating that it has been the most recommended bank and has the most satisfied customers in the UK for the past 13 years.

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