MoneyBack Bank Personal Loan rates cut
www.moneynews.co.uk > MoneyBack Bank Personal Loan rates cut
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Money News |
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MoneyBack Bank Personal Loan rates cut
Tue 25th Apr 2006
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Loans are available from £3,000 to £25,000 and the bank claims that it offers significant savings compared to loans from other banks.
Based on a £5,000 personal loan repaid over 60 months, the MoneyBack Bank claims that it could offer savings of £305.40, £585 and £1,232.40 compared to the Royal Bank of Scotland, Halifax, HSBC and Barclays.
This is based on Barclays and HSBC's offers of 14.9 per cent, Halifax's rate of 9.2 per cent and the Royal Bank of Scotland interest level of 7.8 per cent.
Commenting on the new rate on the MoneyBack Bank Personal Loan, Nick White of price comparison website uSwitch said: "It is a strong proposition, especially for consumers wanting to borrow a significant sum of money, but unlike its offer back in January, it doesn't cater for those looking to borrow smaller sums (£1,000-£2,999)."
According to uSwitch, 13 lenders currently offer personal loans at six per cent annual interest or less.
Full details on the MoneyBack Bank Personal Loan and how to apply can be found on its website.
