&S Bank has emerged as the current winner in the personal loan rate war thanks to a rate reduction on its Unsecured Personal Loan, which is now priced at 3.5% APR for a loan of £7,500 to £15,000 over a term of one to five years.

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“M&S Bank has made a positive move by reducing the cost of a £7,500 to £15,000 loan to 3.5% APR over one to seven years. It is now a market-leading Best Buy deal as well as a record breaker, being the lowest loan rate available over this term on Moneyfacts.co.uk’s records.

“At 3.5% APR, a £7,500 loan from M&S Bank would save borrowers around £379 in interest over a five-year term compared with a loan charging the market average of 5.3% APR. M&S Bank therefore remains a competitive loan provider, earning it an ‘outstanding’ Moneyfacts rating, and as we are likely to see other loan providers attempting to undercut this rate, the competition will give prospective borrowers even more reason to celebrate.

“Consumers who rely on credit to manage their outgoings each month could be making the mistake of turning to some of the most expensive sources, such as overdrafts, high interest credit cards or even payday loans. However, by taking time to review their finances, consumers could consolidate their debts into a more manageable monthly payment with a more competitive unsecured personal loan. “

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.

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