Alliance & Leicester Unsecured Personal Loan rate cut

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Alliance & Leicester Unsecured Personal Loan rate cut

A 0.2 per cent cut in interest rate has today been implemented on the Alliance & Leicester Unsecured Personal Loan, giving it a new rate of 5.9 per cent.

The new rate is available for amounts between £5,000 and £20,000 and is available online, over the phone and in branches.

A saving of over £820 can be made on a £7,500 Alliance & Leicester Unsecured Personal Loan compared to one taken out with Barclays, the company claims.

Alliance & Leicester states that a Barclays loan will charge an annual rate of 9.9 per cent, costing £9,475 over five years, compared to £8,654 with the Alliance & Leicester rate of 5.9 per cent.

Claire Alvey, personal loans manager at Alliance & Leicester, said: "By reducing our personal loan rate we are making borrowing even more affordable and could provide people with the perfect opportunity to spring-clean their finances."

The Alliance & Leicester Unsecured Personal Loan does not have arrangement fees and allows fixed monthly repayments over one to five years.

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