Consumers set to benefit from Personal Loans shake up

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A personal loans market dominated by the high street banks is set for a shake up with the launch of Hitachi Personal Finance. The new range of personal loans offers rates as low as 4.9 per cent with flexible terms and no early repayment charges.

Hitachi has a 30 year history of retail lending in the UK and has launched a personal finance offer because it claims the market has become ‘stagnant’.

In an industry first, around one in ten customers is expected to have access to rates of 4.9 per cent, below the advertised APR of 5.4 per cent for loans of £7.5k to £10k.

Commenting on the launch Gerald Grimes, managing director of Hitachi Personal Finance said: “The high street banks dominate personal lending but are only opening the best deals to their own customers. We saw an opportunity to create a range of loans that are built around consumers’ needs and offer them at great rates.

“Our aim is to set loan rates that consistently provide great value for people looking to borrow anything from £1,000 to £25,000. We are confident our loans will consistently feature in the best buy tables across the range of borrowing, because offering great value is core to our brand .”

Hitachi Personal Finance undertook extensive research to understand how consumers use personal loans and develop terms based around use rather than the amount lent.

The new loans are available from 3 June from , applicants get an instant online decision and the money can be in their account in 24 hours.

Hitachi is also the only personal loans provider to have teamed up with Ffrees to offer its customers a free savings account which saves up as you spend. Savings are available from a wide range of household names and include a 4 per cent rebate of any amount spent with Waitrose, to savings of 3 per cent at B&Q, more than 10 per cent with or thousands on a new car.

Hitachi has been providing point of sale credit in the UK for more than 30 years, during which time it has managed in excess of 5m UK customers.

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Scott Muir
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