Hitachi launches a market leading interest rate of 4.9%

Posted in News About Loans For People With Bad Credit

Hitachi has cut their interest rates on its personal loans to 4.9%, making it the cheapest loan available on the market. For existing customers this is at an even cheaper rate of 4.8%, however this offer is only on the market for a month. The lender, part of the engineering and electronics giant Hitachi Group, is a relative newcomer to the personal loans market but has drawn attention in recent months with rates on a par with or better than the leading High Street brands.

 

Hitachi says it currently has 800,000 customers with active loans, all of whom would be eligible for another loan at 4.8 per cent. The loans they offer will have to be paid back between two and five years, which beats the 4.9 per cent offered by Sainsbury’s Bank. Although this is such a good offer this is only available when you lend between £7,500 and £10,000 whereas competitor lenders have more to lend from between £7,500 and 15,000. Loans outside these amounts would then be at the usual 5.4%. This offer is available to you from the 31st October, this cut is at least half a percent less than Hitachi’s usual rate, a £10,000 loan taken out at 4.8 per cent over three years would result in £10,757 being repaid at £299-a-month.

 

With all this being said people still may be having problems paying these loans back although they are at a cheap rate, this could be where a debt management solution would be useful for the customer.

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