Improved Loan Rate from Yorkshire Bank

Good news for borrowers searching for affordable loans after Yorkshire Bank announced its lowest ever personal loan rate.

Unsecured loans between £7,500 and £15,000 are available from 5.9% APR – with the option to borrow for up to seven years.

Steve Reid, retail director for Yorkshire Bank, said: “Our online loan product highlights that we are committed to helping new and existing customers to organise their finances.”

The news comes following an announcement about a multi-billion pound scheme called Funding for Lending, which aims to tackle increasing lending rates and halt the 16% fall in lending since 2008.

Speaking of the Funding for Lending scheme, Chancellor, George Osborne said: “The scheme will support the flow of credit to where it is needed.” Adding that he hoped it would provide much needed support for households and businesses in a time of austerity.

The fixed-rate loans are available to both new and existing customers and remain subject to individual status, for more information visit www.ybonline.co.uk.

Earlier this year National Australia Bank (NAB), the owner of Yorkshire Bank, announced 1,400 jobs would be cut and 29 branches closed by 2015, in a bid to save around £74million a year.

NAB purchased Yorkshire Bank, which was founded in 1859 in Halifax, in 1990 for around £1bn to join other NAB banks Clydesdale (Scotland) and Northern Bank (Northern Ireland).

 By Richard Wilson.