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Alliance and Leicester Personal Loan Review

August 8th, 2010 by Loan Guru in Cheap Loans UK

In our first personal loan review, we will be looking at the Alliance and Leicester loans available.

When looking for a cheap personal loan, most people are looking to save as much money as possible on the interest of the loan. The total interest you will repay depends on two factors, the APR or Annual Percentage Rate, and also the length of time you wish to borrow, called the term of the loan.

Cheap Personal Loans UK

Cheap Personal Loans UK

Alliance and Leicester currently have very favourable rates for personal unsecured loans. They offer a typical APR of 8.9% which is one of the lower rates currently available.  The actual APR you will pay is based on the amount you wish to borrow and providing you have a good credit history. The APR will likely be higher for those who have a poor credit history or wish to borrow less than £7,500.

They offer a good range of repayment options from 1 to 5 years. This makes the suitable for a short to medium personal loan option and with it being unsecured it makes for a quick and easy personal loan choice.

Here is an example personal loan from Alliance & Leceister as provided from their own online loan calculator:

Example Loan of £7,500 repaid over 5 years (without payment protection insurance)

  • Amount Borrowed: £7,500
  • Term: 5 years (60 months)
  • Monthly repayment: £154.08 per month
  • Total repaid at 36 months: £9,244.80
  • Interest paid over life of the loan: £1,744.80

Example Loan of £10,000 repaid over 3 years (without payment protection insurance)

  • Amount Borrowed: £10,000
  • Term: 3 years (36 months)
  • Monthly repayment: £315.94 per month
  • Total repaid at 36 months: £11,373.84
  • Interest paid over life of the loan: £1,373.84

The loans quoted above do not include payment protection insurance. For peace of mind, you can choose a payment protection cover which covers the monthly payments of the loan should you be unable to work for reasons of unemployment, sickness, etc.

Note: The example and rates stated were as quoted on the providers website on the date of publishing. Rates are subject to continual review and change and so you should verify current interest rates and full terms and conditions with any lender before considering committing to any loan. We recommend you seek professional advice before entering into any financial obligation.

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