By Andrew Hagger

Nationwide Building Society, for example, is offering the UK?s lowest personal-loan rate, of 7.7 per cent APR on loans between £5,000 and £14,999. Sadly, the offer is open only to Nationwide current-account customers, who must apply by 6 October to take advantage of the offer. If you qualify for the deal, a £10,000 loan over five years will set you back just £200.10 per month.

If you’re not a Nationwide customer, then it’s worth taking a look at Tesco Personal Finance at 7.9 per cent APR or YourPersonal Loan.co.uk at 8 per cent APR for the next best deals on a loan of this size.

Another new option is the Personal loan with cashback from M&S Money. The standard interest rate is 8.7 per cent APR on loans between £7,500 and £25,000, but if you apply by 7 September for a loan of £7,500 or more, and for a term of at least 36 months, you’ll receive 10 per cent of your interest back. This effectively reduces the interest to an equivalent rate of 7.9 per cent.

The potential downside of this offer is that to |benefit from the 10 per cent interest rebate, your loan must run its full term, so if you’re someone who refinances their borrowing when you change your car, it won’t be quite so appealing.

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