The UK’s largest online bank is reducing its personal loan interest. In place of 7.4 % interest rate, a loan from the bank will offer 6.1% rate of interest. Its new rates will be applicable to loans of between £ 5,000 and £ 25,000 but it will only available to Existing first direct customers only.

First direct, the UK’s largest bank is reducing its personal loaninterest rate.  Will Gratton , product development manager at first direct stated that this was  perfect time for people to start considering home improvements .their revised rate of interest  would inspire people to buy a new kitchen and add a new house.

First direct bank has offered fixed monthly repayments over a time period of one year to seven years. However, borrowers have a choice of repayment periods. It has been decided that applicants’ loan request will be decided instantly and the funds will be available straightaway.

The offer is very realistic and by reducing the interest rates, first direct has provided an opportunity to make home improvements.