Abbey announces loan rate cut

Monday, August 8, 2005

Abbey has announced that it has cut its typical personal loan rate for customers who apply over the internet to just 5.7 per cent APR.

Non-internet applications are available for a loan rate of 6.4 per cent typical APR, and both are available on loans of between £5,000 and £20,000.

Director of banking at Abbey, Michael Johnson, said: "We are keen to offer customers a good deal even when they're not borrowing a huge sum of money.

"In offering our lowest rates on loans as small as £5,000, this will enable people to get affordable loans for smaller purchases or projects without paying high interest rates."