Lloyds: New 7.9% interest loans

Monday, 16 February 2009 12:00

Personal loans with rates beginning at 7.9 per cent are being offered by Lloyds it has been revealed.

The new deal, which is being offered exclusively through price comparison website, Moneysupermarket.com, has a typical APR of 11.9 per cent.

Black Horse, which is the secured lending division of the Lloyds banking group, has produced the secured loan at a time, it said, when these products are becoming hard to obtain.

Tim Moss, head of loans at Moneysupermarket, said: "With the secured loan market imploding over the past 12 months, this initiative from a well-respected lender will, at last, bring more choice to the marketplace."

The loan is available for people who wish to borrow more than £10,000 but no more than £40,000 and must be paid back for a period of between three and ten years.

Mr Moss added: "If there is one provider whose reputation has been enhanced during the credit crunch, it is undoubtedly Lloyds so to have Black Horse on the site with an exclusive offer is great to see."

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