A&L cuts loan rate

Alliance and Leicester has introduced some cheer into a traditionally downbeat season with the news that it has cut its best rate homeowner loan by 0.5 per cent.

The already competitively priced Alliance and Leicester loan will now be available from just 6.1 per cent APR.

The offer could not have come at a better time, with 22 per cent of people in the UK saying that they want to reduce their debts in 2006.

A further one fifth say that they are intending to compare loans and other best rates in the new year to ensure that they are making the most of their money.

The new rate will be available on homeowner loans worth between £7,500 and £20,000, and promises to offer savings of up to £800 on comparable loans.

“People with debts on more expensive store cards and credit cards can easily consolidate these into a low rate personal loan,” said Claire Alvey of Alliance and Leicester.

“This will give them the discipline of having to make just one fixed monthly payment, a definite ‘end date’ for their debt, and a fixed rate of interest for the term of their loan, whilst saving a large amount of money.”

© Adfero Ltd

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