7 June 2006
The UK's largest online bank first direct is lowering the interest rate on its personal loan offering.
A loan from the bank now has a rate of 6.1% APR, down from the old rate of 7.4%.
Its new rate will apply to loans of between £5,000 and £25,000, but is only available to existing first direct customers.
"This is the traditional time for people to start thinking about home improvements. Our new rate will be a great boost for people looking to buy a new kitchen or add a conservatory," said Will Gratton, product development manager at first direct.
Customers opting to take out a loan with the bank repay with fixed monthly repayments over a time period of 12 months to seven years, with borrowers given a choice of repayment periods.
Applicants will be given an instant decision on their loan request, with funds being made available straight away.
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