Prestige Finance has announced interest rate reductions on its standard plans and reduced rates and lower minimum loan size on its large loan products.
Highlight from the secured loan lender, which is part of OneSavings Bank, include the following:
Standard plans
- Now reduced from six to five “to aid simplicity”
- Minimum loan size now starts at £10,000 with max loan size at £75,000 across all five plans
- Rates start from 6.75%
- Reduced rates on near prime products
Large loan plans
- Minimum loan size now reduced to £75,000
- Maximum loan is £500,000
- New interest rate reduced to 6.5% on LTV below 50%
Simon Stern, director at Prestige Finance, said he had been delighted with the response to the lender’s relaunch in March.
He said: “To build on that successful start we have been working with our key distribution partners and gathering feedback to further improve our offering. The fact that we are able to respond so quickly is a testament to the strong relationship with our partners and the backing of our parent, OneSavings Bank.
“Not only have we simplified our product matrix and considerably reduced rates on key plans, but we have also now created a uniform range which goes all the way from £10,000 to £500,000.
“I know our partners will be delighted with the results, particularly the market leading 6.5% rate on our large loan product.”