Marks & Spencer has revealed it has reduced the interest rates charged on its personal loans.
The typical annual percentage rate on its personal loans has been reduced from 9.9 per cent to 7.5 per cent. As a result of the move, people looking for a loan of a value between £7,500 and £15,000 are likely to be attracted by this very good offer.
Anyone taking a loan of £7,500 over a 36-month period would pay back £232.44 per month under the new interest rate.
The news will be welcome by borrowers, particularly in light of new reports from the UK Insolvency Helpline Debt Advice Service that claims that the number of bankruptcies is likely to rise over the coming 12 months.
Andrew Hagger of Moneyfacts.co.uk claims that several major lenders seems to be introducing lower interest rates to their unsecured loans. However, M&S and Tesco are the only lenders who are reducing interest rates for new customers as well as existing ones.
Other deals announced by banks tend to be for existing customers only, or at least for people with current accounts at the same bank.
