The Financial Blog

Alliance and Leicester have announced they’re the first UK bank to offer same day funds for unsecured loans to existing and new customers who sucessfully apply for a loan.

The Typical APR for an Alliance and Leicester loan is 6.9 per cent in branches, online the cheapest I could get their loan calcualtor to offer was 7.4 per cent Typical APR, but then again I could have been doing something wrong…

So from today sucessful applicants can have the cleared funds in their account the same day as they apply for the loan, as long as your application is accepted before 12.30 pm on any working day.

It looks like you need to be free to sit in a branch and apply with a member of staff first thing in the morning, on a working day, to actually get the cleared funds in your account the same day. Not such a great deal then; considering how many people work most working days! I suppose the bank needs to confirm your identity and run credit checks virtually on the spot, as you’re in the branch.

Personal Loans Manager at Alliance & Leicester, Richard Al-Dabbagh said: “What better way to get your finances sorted out and off to a flying start for the New Year? The fact that the loan takes less time to be paid into your current account means that you can get it working for you even faster.

“And with one of the best rates available on the high street, our personal loans aim to meet the needs and budgets of virtually everyone.”

It is obviously better to pay off your most expensive debts first and a personal loan could be a cheaper than a credit card or store card. The fixed monthly payments on a personal loan can work better for some people because choosing what you’d like to pay each month off your credit card statement usually always ends up with a minimum repayment!

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This entry was posted on Thursday, December 27th, 2007 at 10:16 am and is filed under Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.