From today, loans between £7,500 and £15,000 will be available from 4.7%APR, the lowest rate the banks have ever offered. The rate is available to new and existing customers on loans over terms of between 1 and 5 years.
The Banks have also cut the rate on larger loans. For loans of £15,001 to £25,000, the rate has been cut by 20bps to 6.6% APR.
Andrew Pearce, Retail Director for Clydesdale Bank and Yorkshire Bank, said:
“By dropping to our lowest ever rate; we are continuing to offer attractive deals across loans over one to five years – increasing the affordability of borrowing for both new and existing customers.”
