Personal loan interest rate cut

Thu, 16 Mar 2006

Tesco Personal Finance has cut the interest rate on its most popular personal loans category.

For a period of six weeks, the financial services provider will offer an annual percentage rate of 5.9 per cent typical on personal loans between £7,500 and £25,000.

This fixed interest rate – the lowest ever offered by the personal loans provider – is down 0.4 per cent from its previous interest rate of 6.3 per cent.

No arrangement or additional fees are charged for this personal loan offering, which can be applied for on the financial services provider's website or via the telephone.

Meanwhile, research by Alliance & Leicester into Britons' borrowing habits found that household debt in the UK has almost tripled between 1990 and 2005.

The total debt in the country at the end of last year stood at £1.16 billion, according to the financial services provider.

Mortgage borrowing in this time increased threefold, while there was a fourfold rise in credit card debt, the bank found.

"Our research shows that although borrowing is higher than in the past – UK households overall are in good financial shape," comments Chris Rhodes, managing director of retail banking at Alliance & Leicester.

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