Belfast Telegraph

Home Opinion Letters

Loan rate that's simply shameful

My youngest son (21), is an apprentice with an additional evening job. Despite the need to buy tools and a vehicle to attend work four days a week and college one day per week, is unable to access a student loan with a minimal interest rate unlike his siblings, who went to university.

Having been with the Halifax since childhood, he applied for a loan to purchase a vehicle - the rate a staggering 20%.

I therefore applied with him in joint names and currently have an e-saver account and two ISAs (paying 3.5%) with the Halifax.

Their rate of 17.5% - bearing in mind the base rate is 0.5% - is quite simply immoral, especially coming from a bank that was totally mismanaged in the past.

A personal loan with my other bank is 5.5%.

Shame on you, Halifax!

SAVER

Lisburn, Co Antrim

Popular

From Belfast Telegraph