Alliance & Leicester launches moneyback bank

20.06.2006 New ‘no frills’ online service goes live with a market leading unsecured personal loan available at 5.5% typical APR
Alliance & Leicester launched an online-only offering, ‘Moneyback Bank’, providing a no-frills online service for our personal finances. The initiative, which commenced with a low-rate personal loan from 20 June 2005, aims to appeal to a young, online audience who are happy to transact completely online and adopt a ‘self-service’ approach to their finances. If this venture is successful, further products will be added in the future.

With the majority of borrowers still turning to the ‘Big Banks’ for a personal loan, there are some real savings to be made with Moneyback Bank’s market-leading rate. With rates as high as 11.9% APR on offer for a typical loan of £7,500 over five years, savings of up to £1,200 can be made for loans without insurance, rising to £1,500 if insurance is taken. This saving is effectively putting money back into the customer’s pocket.
 
Matt Hall, Moneyback Bank Loans Manager said:  “As a no-frills, online-only offering, Moneyback Bank will appeal to consumers who know what they are looking for from their finances and do not want additional support in terms of telephone helplines or direct customer support.
“By keeping our costs low, we can offer a very low rate of interest and give significant savings to customers compared to the rates offered by the ‘Big Banks’.”
 
Moneyback Bank launches with an online-only personal loan, offering a market-leading typical rate of just 5.7% APR, available for loans from £1,000 up to £25,000, with terms of one to seven years. In addition, the loan offers peace of mind with its optional comprehensive loan insurance.
 
Moneyback Bank personal loan customers can benefit from the following:
-          A personal loan from £3,000 to £25,000
-          A typical APR of 5.5% for internet-only applications on all loans from £3,000 to £25,000
-          Repayment over one to seven years
-          Fixed monthly repayments for the period of the loan
-          Optional loan protection for added peace of mind with an annual no claims bonus
-          Quick and easy online application
No arrangement fees