- Improved loan offer has a representative APR of 2.8% (on loans from £7,500 to £15,000)
- Customers also benefit from no early repayment fees or penalties for over payment
John Lewis Finance has today announced that it is reducing its personal loan rate to a market leading 2.8%.
Customers can borrow up to £25,000 and will be offered a representative APR of 2.8% on loans of between £7,500 – £15,000.
The high-street retailer launched its personal loan offer in January 2018 as it continued to expand its range of financial services products.
Personal loan customers of John Lewis Finance will also benefit from no hidden or early repayment fees, no penalties for over payments, no admin fees and an annual payment holiday option.
Mike Jackson, Director, Financial Services, John Lewis Partnership, says: “When we launched our personal loan offer we made a commitment to customers that it would remain competitively priced.
“The decision to reduce the APR rate to 2.8% is testament to that and we will continue to review our offer to ensure we are offering the best possible service over the long-term. The additional benefits that we give to borrowers, such as no early repayment fees and an annual repayment holiday, are an important part of that.”