Now personal loan rates fall below 4%: HSBC launches new deal at just 3.9% to …

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HSBC has become the latest in a recent flurry of lenders to slash the interest on its personal loans, cutting the cost of borrowing to a new record low.

The lender charges just 3.9 per cent interest on amounts between £7,000 and £15,000 – but only existing HSBC current account customers can sign up to the deal.

The new rate undercuts the previous table-topping offer from Hitachi Personal Finance, Zopa, Mamp;S Bank and most recently Tesco Bank by 0.2 per cent. This would save borrowers around £50 on a £10,000 loan repaid over five years.