With effect from today, Wednesday 30 January 2013, Derbyshire Building Society is introducing a new personal loan rate of 5.1% APR Representative for loans of between £7,500 and £15,000 for a term of up to five years. This is the lowest rate in the UkK and applies to loans taken out via www.thederbyshire.co.uk or through the main comparison websites.
Derbyshire’s market-leading personal loan rate could be a welcome boost for those wishing to consolidate their debts, as the first couple of months of the New Year typically see a seasonal rise in debt consolidation. With economic conditions still difficult, debt consolidation could be considered as a potential way to reduce monthly outgoings as well as reducing the overall amount of interest payable.
With the average rate for a loan of £10,000 being 11.82* per cent APR, people could save £29.90 on their monthly repayments and £1,794 on the total amount repayable if they took out a £10,000 loan over a five-year period with the Derbyshire.
Paul Wootton, Nationwide’s head of personal loans, said: “Our new market leading Derbyshire personal loan rate provides a great opportunity for those looking for a low rate personal loan deal.
“People often seek to consolidate debts at the beginning of a New Year. In such circumstances, a personal loan at a highly competitive rate may be the best solution. A personal loan could help reduce monthly outgoings into one manageable debt with fixed monthly repayments, helping people make the most of their hard earned money.”
Derbyshire personal loan: one of the best around
|Derbyshire Building Society
|Marks & Spencer
Rates correct as of 29 January 2013. Source: Competitor Websites
Notes to editors:
1 This rate can be 5.1% if customers choose to pay over one to three years.
2 This rate can be 5.5% if customers choose to pay over one to three years.
* average APR on loans of £10,000-£10,999. Source: CACI, November 2012
5.1% APR Representative (fixed). Based on an assumed loan amount of £10,000 over 51 months at an interest rate of 5.1% p.a (fixed). Monthly repayment £217.99. Total amount payable £11,117.49
Derbyshire Personal Loan
- The interest rate offered will depend on the customer’s individual circumstances.
- One fixed rate for the term of the loan – repayments never change.
- No upfront charges or arrangement fees.
- No repayments for the first month.
- All loans are subject to status and are available to those aged 18-79.
- Applications are required for all products. Further details of terms and conditions are available on request.
Nationwide subscribes to the Lending Code.
Customers should consider all borrowing options carefully and seek independent advice.
The Derbyshire Building Society is a Trading Division of Nationwide Building Society.
Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 106078. You can confirm our registration on the FCA's website www.fca.org.uk or by contacting the FCA on 0800 111 6768.