(PRWEB) June 20, 2011
Barclays has launched its lowest personal loan rate of 6.9 per cent APR, giving existing customers the best rate loan on the market for loans between £15,001 and £25,000*. In addition, all Barclays personal loans now come with a refreshed Price Guarantee, matching the monthly difference and giving customers a one-off £50 payment if they find a similar loan cheaper elsewhere.
Qualifying** Barclays current account customers will be rewarded with the new 6.9 per cent APR for any Barclayloan Plus loans between £10,000 and £25,000 and offered flexible repayment periods of between two and five years. All customers approved for the loan get a two month break before any payments are due and can budget with confidence as the interest rate is fixed even if base rate changes.
The Price Guarantee is available for all customers offered a Barclays personal loan who find a similar loan cheaper elsewhere within 30 days. They will have the monthly difference credited to their account and receive a one-off £50 payment. Barclays is the only high street bank offering its customers this loan Price Guarantee.
Barclays Head of Consumer Lending, Chris Keane said: "Our new 6.9 per cent rate is one of the most competitive loans available in the market for qualifying customers. Any customer approved for a cheaper loan elsewhere will be better off coming to us to take advantage of the improved Price Guarantee."
"We continually strive to reward our existing customers by giving them the most competitive rates on our products. This is why the Barclays loyalty scheme has been extended even further on personal loans today."
The 6.9 per cent loyalty Barclayloan Plus is subject to application and status. Existing current account customers who do not meet the criteria for the new loan rate can still opt for a competitive representative APR of 9.9 per cent available on loans from £5,000 to £25,000 and would also qualify for the price guarantee.
At the same time Barclays has also launched a loan repayment calculator so that prospective customers can find out what their monthly repayments and total amount repayable could be before applying for their loan.
**Individual rates are set on the basis of your financial status, personal circumstances and the amount borrowed. Eligibility criteria and conditions apply. You must be a UK resident to apply. Loans are subject to your circumstances at the time of applying. The rate offered may differ from the representative APR shown.
Notes to Editors:
- *Source: Moneyfacts as at 26 May 2011.
- **To qualify for the new Barclayloan Plus rate, customers need to have held an existing Barclays current account for at least 12 months with a minimum of £3,000 credited in each of the last six months at the time they apply for a personal loan.
- Loans approved and agreed by the customer before 2 p.m. will be credited into the customer’s Barclays account before 5pm.
- Customers with any of Barclays current accounts, including Premier Life, Additions Plus, Current Account Plus, Barclays Bank Account, are all eligible for the new rate subject to the qualification criteria.
- Barclays also offers its current account customers better deals on mortgages. Further details can be found on http://www.barclays.co.uk/mortgages.
Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs nearly 147,000 people. Barclays moves, lends, invests and protects money for 48 million customers and clients worldwide.
For further information about Barclays, please visit the website http://www.barclays.com