Financial services provider launches unsecured personal loans at 6.9 per cent

Thu, 08 Feb 2007

Cheshire Building Society has confirmed the details of new personal loans that will be made available to its members.

Provided by banking institution The Co-operative Society, the financial services specialist is offering an unsecured loan with a 6.9 per cent annual percentage rate.

All applicants must be both a UK resident and able to prove that they have an annual income of at least £10,000.

Loan customers can borrow a minimum sum of £3,000 and a maximum figure of £25,000.

And consumers may also be interested to know that they can take out payment protection insurance at the same time, if they so wish.

Colin Welby, head of partnerships at The Co-operative Bank, explained why he thought the linkup would prove beneficial to personal loan customers.

"Cheshire Building Society is recognised as a quality provider who, combined with the strength of The Co-operative Bank's reputation as a leading financial services provider, will deliver a compelling loan proposition," he said.

Unlike a secured loan, an unsecured loan does not require the borrower to pledge collateral such as a home that the financial services provider can sell if the loan is not repayed on time.

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