The loans, which are marketed under the Barclayloan brand name, are seeing cuts by as much as 0.6%, down from 7.4% APR typical to 6.8% APR typical on the Barclayloan Plus product, which is aimed at existing customers.
Gary Duggan, managing director for Barclays personal loans, said: Many lenders have been struggling to maintain their current loan rates and we have seen increases of 0.5% and upwards over recent months as the financing of their products have become more expensive. At Barclays we are able to take advantage of a very strong balance sheet and finance loans from our very strong deposit taking business, enabling us to cut rates to as low as 6.8% APR typical for this campaign.
In fact we are so confident of beating competitor deals that, as part of this special offer, if you take out a loan from Barclays and then find it cheaper elsewhere, we will pay the difference between the monthly repayments and then pay an additional GBP1 each month for your trouble. What’s more, we are also offering people who already have a loan elsewhere the opportunity to swap for GBP50 when they bring their loan to Barclays.
