Follow this topicClydesdale and Yorkshire Banks slash personal loan rate to market-leading 5.7%
There's a new market-leading personal loan now that Clydesdale and Yorkshire Banks have slashed their rates
A tumultuous week in the personal loan market has seen Clydesdale and Yorkshire Banks reclaim top spot after cutting its rates to a market-leading 5.7% APR.
The new low rate applies to loans between £7,500 and £15,000 applied for online. You’ll also get a decision within 24 hours of submitting your application.
A week of changes
Tesco confirmed on Tuesday that it would be bumping up rates on personal loans of between £7,500 and £15,000 by 0.2% to 5.9% for new customers. Existing customer loans would also see rates increased, though only by 0.1% to 5.8%.
The next day M&S Money announced that it would be cutting its personal loan rate by 0.2% for loans of the same size. As a result, it would now by charging 5.8%.
AA then announced it would be slashing a whopping 1.5% off the rate it charges for loans of £7,500 to £15,000, taking its rate to 6.4% APR.
The personal loan best buys
So, let’s take a look at how the best buy table for personal loans now looks if you’re after £7,500 over a five-year term.
|
Provider |
APR |
Monthly repayment |
Total amount repayable |
|
5.7% |
£143.45 |
£8,607 |
|
|
5.7% |
£143.45 |
£8,607 |
|
|
5.8% |
£143.78 |
£8,626.80 |
|
|
5.8% |
£143.78 |
£8,626.80 |
|
|
5.8% |
£143.78 |
£8,626.80 |
|
|
5.9% |
£144.11 |
£8,646.60 |
|
|
6.4% |
£145.76 |
£8,745.60 |
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