Alliance & Leicester’s personal loans have been singled out for commendation at Personal Finance & Savings magazine’s third annual awards ceremony.

Alliance & Leicester won “Highly Commended” in the “Best Personal Loan Provider” category at the London ceremony. The awards are voted for by the magazine’s 35,000 readers.

Martin Fagan, editor of Personal Finance and Savings magazine said: “These awards are voted for by our readers and so are truly representative of people’s experience and views regarding financial services.”

Andy Bayes, Head of Personal Loans at Alliance & Leicester added: “We are very pleased to have been Highly Commended by Personal Finance & Savings magazine in the Best Personal Loan Provider category. It is a tribute to the hard work of all our staff and our excellent product.

“We have recently announced the reduction in our personal loan rate to 5.9 per cent APR – there is no lower rate in the UK – and hope to feature just as strongly in next year’s awards.”

Alliance & Leicester’s website provides access to tools to help customers with their financial choices, including a Loan Calculator, which enables consumers to work out how much they can afford to borrow.

Alliance & Leicester offers personal loans from as little as £1,000 to as much as £20,000, with a typical APR of 5.9 per cent for telephone and internet applications and repayment over one to five years.