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Yes you
read that headline correctly! With just days to go until a widely anticipated
base rate change, one loan provider has bucked the trend by actually lowering
its loan rate and moving to the top of the
loans best buy
tables.
The
provider in question is
Moneyback Bank, which now offers a
typical APR of 6.1%. Moneyback has consistently offered one of
the leading loan rates in the country for around twelve months now, but the
timing of this offer is intriguing to say the least.
From my
perspective, it’s an obvious push for business at a key juncture. Moneyback are
wise to the fact that people are rushing for decent fixed rate loan rates before
the base rate rises and rates inevitably go up. So Moneyback has cleverly put
itself at the top of the pile with perfect timing to grab your business, and
frankly, who’s complaining? If you are in the market for a personal loan
click here
to go straight through to this offer!
Of
course Moneyback Bank isn’t alone at the top of the table. The
Bank of Scotland moneysupermarket.com exclusive also offers
6.1%APR. So which of these two deals should you choose?
Well,
the key difference is that the Moneyback deal offers up to ₤200 money back if
you take out its optional personal loan protection, while Bank of Scotland offer
a three month repayment holiday at the start of its loan. Both deals have no
arrangement or administration fees.
What’s
crucial to note though is that whichever of these market leaders you opt for,
you must be quick. The Moneyback rate drop is well-timed to scoop your business
– but could easily rise again when the base rate change occurs, and the same
applies to the Bank of Scotland offer too.
With many pundits
suggesting rates could rise as high as 7% before the year’s end, this might be
your last chance to grab a truly ‘cheap loan’. So don’t miss out.
LINKS:
Moneyback
Bank loan – 6.1%APR
Bank of
Scotland moneysupermarket.com exclusive – 6.1%APR
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