9 November 2005
Northern Rock is next in the line of companies offering a competitive new loan rate ahead of the Christmas spending rush, having announced a new unsecured personal loan deal today.
The new service entails an interest rate of 5.7 per cent APR on a loan of any value between £1,000 and £25,000, which can be taken out for a period of one to ten years if the applicant's credit rating is up to standard.
The firm is also offering customers a 20 per cent discount on its payment protection product, called Loanprotect.
A £10,000 loan over five years - without insurance - would demand a monthly repayment of £191.44 and a total payable amount of £11,486, which provides a saving of £463.20 compared with an equivalent service from the Royal Bank of Scotland and of £448.20 when tallied alongside NatWest.
Eligibility for Northern Rock's services can be ascertained through its website or over the telephone.
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