HSBC cuts personal loan rate

HSBC has reduced the rate of its personal loans.

Individuals requiring a personal loan may be interested in a new deal on offer from one financier.

Following the recession, many Britons have found it tough to make ends meet with just their current account balance and have therefore been forced to resort to borrowing funds.

And anyone finding themselves in this position might want to consider signing up for a product from HSBC because, as of today (October 3rd), the lender has cut rates attached to its loans from 6.9 per cent to 6.4 per cent.

This new figure is applicable to sums between £7,000 and £15,000 and will be available until November 13th, meaning people wanting to take advantage should act sooner rather than later.

Meanwhile, HSBC has also issued a reminder that it offers a personal loan facility for amounts of up to £25,000.

This comes after Martin Bamford of Informed Choice urged consumers to only use payday loans as a last resort.

By Nate Sawyer