Metro Bank has unveiled the first RateSetter-powered personal loans to be offered through its branches.
It was previously funding new personal loans through the RateSetter website and now borrowers will be able to apply across Metro Bank’s network of 77 branches.
Loan applications will be assessed and arranged using RateSetter’s technology.
Applicants can borrow between £1,000 and £25,000 for one to five years at an annual percentage rate of 4.9 per cent.
Borrowers must be aged 21 or over and resident in the UK for a minimum of three years.
This compares with personal loan rates of around three per cent from other providers such as M&S Bank and The AA.
Metro Bank said in its full-year results last month that more than £120m of personal loans had already been written via digital channels including the Metro Bank app and website and the RateSetter website.
“We are rapidly growing our unsecured personal lending offering in line with our strategic plan, initially via digital channels and now via our store network,” Ian Walters, managing director of distribution at Metro Bank, said.
“We know that more than half of people and nearly two-thirds of over 55s like to speak to someone face-to-face about their finances.
“This is why offering personal loans in-store, supported by our commitment to delivering exceptional customer service, is an important step as we meet the needs of our customers and further strengthen our position as the UK’s best community bank.”
Rhydian Lewis, chief executive of RateSetter, said both companies have established “strong momentum.”