Barclays Lower Loan Rates

Mon, 15 Oct 2007

With many lenders increasing personal loan rates in the wake of the US subprime crisis, Barclays have taken the surprising step of cutting rates .

Rates for the Barclayloan Plus have been reduced from 7.4% to 6.8%, reducing the total amount payable on a loan of £5,000, for example, by £30 from £5,370 to £5,340. So although the cut isn’t the largest, it is significant in demonstrating the bank’s confidence in its products.

Furthermore, the cut comes after nine leading lenders increased their rates, with Bradford and Bingley the worst offenders, as they raised rates on loans between £2,000 and £3,000 by 4% to 17.9%. Meanwhile, the bank has offered a further sign of its confidence by guaranteeing to pay the difference plus £1 a month if investors take out a loan and find a cheaper rate elsewhere.
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