Alliance & Leicester launches new personal loan

Alliance & Leicester has launched a new personal loan product that it says is the best on the market.

The loan – which carries an interest rate of 6.3 per cent APR – is available to all customers of the bank, new or existing, that hold a Premier or Premier Direct current account.

According to the bank, consumers taking out the loan could save as much as £700 on a loan of £15,000 when compared to the rates available from the main high street lenders.

Richard Al-Dabbagh, senior personal loans manager at Alliance & Leicester, said the bank is “constantly looking for additional ways to reward existing customer relationships”.

“This loan offer is the best in the UK,” he added.

Currently the UK base rate of interest stands at 5.75 per cent, but some commentators expect it to come down in the near future.

Mortgage brokers John Charcol recently said that interest rates “are at the top of their cycle”.

© Adfero Ltd

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