Abbey loans to be one of cheapest on market

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Abbey loans to be one of cheapest on market

Abbey has announced that it is cutting its typical personal loan rate to 5.7 per cent typical APR for internet applications, making it one of the lowest rates currently available.

Non-internet applications also continue to have a low rate at 6.4 per cent typical APR.

This low rate will be available on loans ranging in value from £5,000 to £20,000.

Michael Johnson, Abbey's director of banking, said: "We are keen to offer customers a good deal even when they're not borrowing a huge sum of money.

"In offering our lowest rates on loans as small as £5,000, this will enable people to get affordable loans for smaller purchases or projects without paying high interest rates."

Prior to the new rates, the lowest typical APR was only available for loans over £7,000 in value.

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