M&S Money reduces loan interest to market-leading rate
M&S Money could attract more customers on the lookout for a competitive personal loan deal after announcing it has cut its interest rates.
From this week onwards, customers borrowing between £7,500 and £15,000 over 12 to 60 months will benefit from a rate of six per cent APR, down from the previous rate of 6.4 per cent.
This is the lowest interest rate for personal loans on the market, beating Tesco Bank's 6.1 per cent that was announced earlier this week.
People taking out a personal loan with M&S Money also have the option of flexible repayments and paying nothing for the first three months.
Spokesperson Colin Kersley said: "With our lowest loan rate for over five years, we are offering customers the opportunity to reduce the cost of their borrowing in the new year."
Moneyfacts said yesterday (January 5th 2012) that seven lenders have now dropped their loan rates since the start of the year.
Compare loans. 100's of deals available
Comments
Newsletter sign up