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You can find the current article at its original source at http://www.guardian.co.uk/money/2012/nov/08/ms-offers-cheapest-ever-personal-loan
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| Version 4 | Version 5 |
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| M&S offers 'cheapest-ever personal loan' | M&S offers 'cheapest-ever personal loan' |
| (about 2 months later) | |
| M&S Bank has slashed the rate on its personal loans by 0.3 percentage points to offer what could be the lowest-ever rate on a personal loan in the UK. You can now borrow between £7,500 and £15,000 at 5.5%. | M&S Bank has slashed the rate on its personal loans by 0.3 percentage points to offer what could be the lowest-ever rate on a personal loan in the UK. You can now borrow between £7,500 and £15,000 at 5.5%. |
| Customers can choose repayment periods of 12-60 months and the low rate means a £7,500 loan over 36 months would cost borrowers £8,136.36 in total with monthly repayments of £226.01, while a loan of £15,000 over 60 months would result in a total cost of £17,134.80 with monthly repayments of £285.58. | Customers can choose repayment periods of 12-60 months and the low rate means a £7,500 loan over 36 months would cost borrowers £8,136.36 in total with monthly repayments of £226.01, while a loan of £15,000 over 60 months would result in a total cost of £17,134.80 with monthly repayments of £285.58. |
| Rachel Springall, finance expert at Moneyfacts.co.uk, said its research shows that 5.5% APR on a £7,500 loan over a five-year term was the lowest rate offered in at least six years – since the short-lived Moneyback Bank's 5.6% APR loan – adding that Moneyfacts could not find a lower rate anywhere in its records. | Rachel Springall, finance expert at Moneyfacts.co.uk, said its research shows that 5.5% APR on a £7,500 loan over a five-year term was the lowest rate offered in at least six years – since the short-lived Moneyback Bank's 5.6% APR loan – adding that Moneyfacts could not find a lower rate anywhere in its records. |
| Rates on personal loans have risen since, to the point where the lowest rate on a personal loan of £7,500 three years ago was 7.9%. | Rates on personal loans have risen since, to the point where the lowest rate on a personal loan of £7,500 three years ago was 7.9%. |
| "It is not the first time M&S Bank has set the trend for rate cuts," Springall said. "In January it reduced its rate to 6% APR, sparking a price war which is still continuing 10 months on among many lenders. It will not be surprising to see loans of this nature hit the 5% mark before long." | "It is not the first time M&S Bank has set the trend for rate cuts," Springall said. "In January it reduced its rate to 6% APR, sparking a price war which is still continuing 10 months on among many lenders. It will not be surprising to see loans of this nature hit the 5% mark before long." |
| A M&S Bank spokesman said its acceptance rate was high and "the majority" of applicants would get the lowest rate. | A M&S Bank spokesman said its acceptance rate was high and "the majority" of applicants would get the lowest rate. |
| "To advertise the rate at least 51% of people need to be able to access it. In actual fact our acceptance rate for the advertised rate on our personal loans is far higher than this," he said. | "To advertise the rate at least 51% of people need to be able to access it. In actual fact our acceptance rate for the advertised rate on our personal loans is far higher than this," he said. |
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