Personal loan rates 'falling'
www.moneynews.co.uk > Personal loans > Personal loan rates 'falling'
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Money News |
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Personal loan rates 'falling'
Thu 21st Jan 2010
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Research carried out by the company has found that some of the high street's biggest names, such as Nationwide and Sainsbury's, have started to cut their rates.
Across the top ten loan deals the average rate now stands at 8.35 per cent, which is the lowest it has been since the Bank of England base rate was cut to 0.5 per cent.
However, this figure is still the highest it has been in the past five years. Plus, many of the best rates are restricted to the institutions' existing current account customers.
Tim Moss, head of loans and debt at moneysupermarket.com, said: "For those in need of credit for one reason or another, it might be time to have a look at personal loans again."
The news is not as good for savers, however, as the increase in inflation is likely to make it more difficult for them to get a good rate of interest on their investments.
Click here for more personal loan news
Related News : Personal loans |
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