Co-op reduces all personal loan rates by one per cent
Wednesday, 04 January 2012 12:31
The Co-operative Bank has reduced the rates on its entire range of personal loans by one per cent.
The new rates will be available from the 5th January 2012 and are available to existing customers who hold Privilege and Privilege premier account holders.
Existing customers who hold these accounts can borrow between £7,500 and £14,999 at 6.9 per cent rather than 7.9 per cent. For customers who want to borrow between £15,000 and £25,000, they will see a reduction in the interest rate from 8.9 per cent to 7.9 per cent.
For existing Co-op current account holders and Co-op members, the reduction for borrowing between £7,500 and £14,999 means they will be charged 7.4 per cent rather than 8.4 per cent.
New customers will also qualify for reduced rates, albeit higher than the rates applied to Privilege account holders and existing Co-op members.
New customers will be charged 7.9 per cent rather than 8.9 per cent for loans between £7,500 and £14,999 and 8.9 per cent rather than 9.9 per cent on loans between £15,000 and £25,000.
James Hillon, Head of Loans at The Co-operative Bank said: "January is typically the time when many of our customers get their finances in order and as 2012 gets underway many people will be looking for some extra money to support their plans for the year."
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