Alliance & Leicester personal loan rate cut

Alliance & Leicester have slashed their personal loan rate by more than half a per cent - making it one of the lowest rates on the market.

Consumers can now get a loan for 5.8 per cent throughout October - on loans of £5,000 to £15,000.

Andy Bayes, head of personal loans at the bank, commented: "This rate reduction means our rate is among the most competitive deals available in the UK and makes our loans even more competitive compared to the big High Street banks.

"However, these rates are available for a limited period only, so borrowers will have to be quick to benefit from our lowest ever rate," he added.

Alliance & Leicester offers customers two loan options - a loan for whatever purchase you have in mind and a Car Purchase Plan which is a deferred payment loan.

Customers can apply for an Alliance & Leicester loan over the internet, telephone or via a branch.