Unsecured Personal Loans Become Cheaper At Santander

Santander is lowering interest rates on some of its unsecured personal loans from today.

Unsecured personal loans have become more affordable over recent months with many lenders lowering their rates.

Santander is following suit today by reducing rates on three personal loan rates for customers applying through its website.

The reductions depend on loan amount with loans for between £5,000 and £7,500 seeing the biggest fall with rates now at 8.6% representative APR compared to the previous rate of 9.9%.

Loan amounts of between £10,001 and £14,950 will now have a 7.9% representative APR, however it is for loans between £7,500 and £10,000 that attracts the lowest charges which are now set at 7.4% representative APR.

Unsecured loans for between £7,500 and £10,000 are currently the most competitive in the market with many lenders offering their best deals for loans of this size.

For example, Sainsburys finance are offering personal loans at 7.2% representative APR with other benefits such as giving you a £30 Sainsburys gift card and two years of double nectar points on your Sainsburys shopping.

Nationwide also offer a 7.2% representative APR rate for loans between £7,500 and £14,999, although this only applies to their customers holding Flexaccounts.

Having a good credit score and steady income is very important when applying for unsecured personal loans at the lowest rates so people with impaired credit histories will struggle to be accepted for these loans.