Clydesdale and Yorkshire Banks slash personal loan rate to market-leading 5.7%

Banking and Borrowing

Updated on 27 September 2012 | 0 Comments

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

This move from Clydesdale and Yorkshire Banks is just the latest in a busy week of personal loan price changes. Let’s take a look at what else has happened.

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

Clydesdale Bank

5.7%

£143.45

£8,607

Yorkshire Bank

5.7%

£143.45

£8,607

Derbyshire BS

5.8%

£143.78

£8,626.80

M&S

5.8%

£143.78

£8,626.80

Sainsbury’s Bank Nectar Cardholder Loan

5.8%

£143.78

£8,626.80

Tesco Bank

5.9%

£144.11

£8,646.60

AA

6.4%

£145.76

£8,745.60

More on loans:

The cheapest way to borrow a grand

Secured loans: pros and cons

Top tips for cheap car loans

Five ways to get a great loan

Credit unions explained

The best alternatives to payday loans

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