Alliance & Leicester personal loans are among the banks flagship products. Alliance & Leicester advertise personal loans at highly competitive fixed rates of interest. However the lowest rates offered are restricted to personal loans starting at £7500.

A&Ls advertised APR Annual Percentage Rate is also described as typical which means by FSA standards that it must apply to 66 of all accepted personal loan applicants. This means that the headline-grabbing rates you see may not apply to the personal loan you are offered - even if you are borrowing £7500 or more.

Alliance and Leicester offers unsecured loans from £1000 and caps borrowing at £20000 - not £25000 like many other loan providers. Whatever the size personal loan youre thinking of taking out with A&L you will need to be over 18 years of age and will need to repay the loan within five years.

If you want to pay your A&L loan off early you may do so - but depending on when you signed up to the borrowing - it may cost. If you signed on the dotted line before May 2005 the early settlement fee is charged at two months interest. If you took the loan out after this date the settlement fee is only one months interest. But in the event that you borrowed the funds over the minimum12 months no early repayment fee will apply.

At Alliance & Leicester the personal loan application process is straightforward. You may apply online by phone or in a branch and will receive a response within 48 hours. You will need to fill out a comprehensive application form and sign up to a Direct Debit order. If you are accepted for the personal loan you may choose to receive the funds into either an A&L account a different bank account or through the post by cheque.

Payment Protection Insurance is available on Alliance & Leicester personal loans which incorporates £50000 worth of life cover. However you may find a standalone PPI policy to be cheaper.

Moneyextra.com recommends you take independent financial advice before acting on any article

2009-03-03 09:27:43 © Moneyextra.com

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