Property News · October 14, 2016

Personal loan war heats up as First Direct raises limit to £50,000


Banks are upping the maximum you can borrow – but interest rates are high First Direct has launched a new era of jumbo-sized personal loans, allowing customers to borrow as much as £50,000 without the need to secure it against property or jump through the hoops of a mortgage application process.Previously, the bank’s maximum personal loan was £30,000, and the new ceiling leapfrogs the maximum at other lenders such as Sainsbury’s (£40,000) and Tesco (£35,000). However the typical rate charged, at 6.7%, is significantly above typical mortgage interest, and double the 3.4% that First Direct charges on personal loans below £30,000. Continue reading…

Source : theguardian.com
Read more…Personal loan war heats up as First Direct raises limit to £50,000

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