Lloyds Bank has cut the rates of its Flexible Loan from 4.9% to 4.4%.

The Flexible Loan offers a new rate of 4.4% APR Representative on loan amounts from £7,500 to £25,000, over one to five years to existing customers with a Lloyds bank current account, credit card or mortgage.

Customers who take out the Flexible Loan are able to make as many additional payments as they like and repay their loan at any time without any additional charges.

Sam Clark, head of Lloyds Bank Loans, said: “We are always looking for ways to put our customers first. As well as being able to provide a flexible loan to help customers make additional payments and repay their loan early, we have also reduced our rate, which will help customers manage their finances in a way which suits them.”