Derbyshire BS cuts personal loan rate to just 5.6 per cent

The Derbyshire Building Society has launched a new personal loan that charges borrowers just 5.6 per cent for borrowing between £7,500 and £14,999 over a term of between one and five years.

The rate takes this loan to the top of the best-buy tables for personal loans. The rate is available until the 31st October 2012.

Moneysupermarket.com says this is the lowest loan rate since February 2006.

Tim Moss, head of loans and debt at MoneySupermarket.com, said: "The move by Derbyshire Building Society could be great news for anyone who is looking to borrow a larger amount via a personal loan.

"As we have seen over recent months, when one lender moves, others tend to follow, so we could see the personal loan market hotting up - good news, especially when rates are falling to below credit crunch levels."