The Royal Bank of Scotland has reduced interest rates for customers who choose to apply for loans via the Internet.
The new rates cover loans from £2000 to £15,000. For loans of £12,500 to £15,000, a rate of 8.10% APR is available. For smaller loans, such as £7000, the rate has dropped by 4.6% and borrowers can secure a rate of 9.4% APR. The rates on typical loans of between £3,000 and £10,000 have been reduced by an average of 3% APR.
The Royal Bank also provides a fully automated decision online, and can arrange for loan funds to be credited to a customer’s account within 48 hours from the time the loan is approved. The service is available to existing customers and Web browsers who are new to the bank.
Ian Stuttard, brand director for The Royal Bank of Scotland, says the reduction in rates "recognises the increased usage of the Internet, and the lower costs of providing services this way".