9 August 2005
Abbey has announced that it is cutting the interest rate on some of its loans.
The bank said that customers who apply over the internet will be eligible for a rate of 5.7 per cent APR.
Non-internet applications are available for a loan rate of 6.4 per cent typical APR.
Both rates are available on loans of between £5,000 and £20,000.
The move follows a cut in the baseline interest rate by the Bank of England last week. Some analysts predict that the cut will lead to a price war between loans providers.
Abbey's director of banking, Michael Johnson, 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."
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