HSBC has announced that it is slashing its rates for personal loans by up to 40 per cent.
Following the bank's January Sale, HSBC has slashed its rate for personal loans of more than £7,000 to a typical rate of 6.9 per cent APR - a reduction of up to 40 per cent on current rates, which range between 8.9 per cent and 11.9 per cent.
The new rate will see a customer with a £7,000 loan save £939 in interest over five years.
"We promised to bring modern retailing and strong value to banking and here's another example," said Joe Garner, head of customer propositions.
"More than half of the loans we give customers are for £7,000 or more and that's where we've made the biggest cut in our rates, at a time when other lenders are increasing theirs."
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