26 April 2006
Personal loans provider MoneyBack has intensified the already fierce competition between loan companies by offering a personal loan with an APR of just 5.5%.
It cut its previous rate of 5.7% in order to provide the market's lowest rate, beating the 5.6% APR offered by providers Direct Line and Northern Rock.
Industry analysts have suggested that the move is yet another sign that there are good deals available for consumers willing to shop around.
"MoneyBack's decision to cut its interest rate to a market-leading 5.5% for loans between £3,000 and £25,000 reinforces our recent analysis that competition within the loans market is fierce," said Nick White, head of personal finance at price comparison website uSwitch.com.
He added: "Those looking to take advantage of this great rate should act quickly as it is unlikely rates are going to get any better than this and last time MoneyBack reduced their rates this low in January they didn't maintain the rate for long."
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