Thursday 1st February 2007
Northern Rock has revealed that the interest rate for its unsecured loans is to stand at 6.5 per cent typical APR from February 2007.
The new rate applies to applications received by any route, including telephone and internet applicants and those made in branches.
Unsecured loan applications are being invited by Northern Rock via its website or by its telephone line, which remains open until 21:00 GMT on weekdays.
Meanwhile, Northern Rock notes that some customers may wish to opt for payment protection insurance to cover their repayments in times of adversity.
The company offers Loanprotect policies for this purpose through an agreement with Pinnacle Insurance, it says.
Customers who do take out such a policy will be protected against defaulting on repayments due to injury, unemployment or illness.
Northern Rock quotes typical monthly repayments for a £5,000 unsecured loan of £152.93 without protection and £171.69 with Loanprotect Gold insurance.
The company provides unsecured loans in amounts of up to £25,000 with repayments over periods from one to ten years.
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