First direct personal loans rewards early birds

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First direct personal loans rewards early birds

Tue 22nd Aug 2006

With concerns rising about the number of consumers who are failing to pay back what they have borrowed, First Direct is offering financial awards for those who stick to their repayment plan.

The bank has announced that it will reward customers who repay their personal loan on the agreed date by refunding 25 per cent of the interest they pay during the life of the loan.

The offer applies to any loan between £5,000 and £25,000 with a term of at least two years taken out before October 2nd 2006.

A customer borrowing £10,000 over three years at an interest rate of 6.9 per cent APR will receive £266.93 in cashback, equivalent to reducing the interest rate to 5.3 per cent a year, First Direct says.

The cashback will be paid only if the loan is not settled early or terminated before the agreed completion time, and providing no payments have been missed.

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