Website reveals loan rates are falling
Moneysupermarket.com says personal loan rates are starting to drop.
Moneysupermarket.com claims that personal loan rates are beginning to fall.The website, which provides consumers with loan information and advice, revealed that the average rate of the top ten loan deals had sunk to 8.35 per cent.
In fact, the present rate is the lowest since the Bank of England slashed the base rate to 0.5 per cent.
Three lenders - Nationwide, Alliance & Leicester and Halifax - recently announced rate cuts which mean the cost of the average loan is the lowest it has been since the base rate cuts.
In spite of the reductions, some lenders have continued to limit personal loans to existing current account holders.
Tim Moss, head of loans and debt at moneysupermarket.com, explained that the latest figures could mean banks and building societies will become increasingly willing to sell personal loans.
He continued: "For those in need of credit for one reason or another, it might be time to have a look at personal loans again. Though potential borrowers should be aware they are likely to get a better deal from a bank they already have products with."
In January, Nationwide announced a new personal loan rate which, it suggested, could help consumers consolidate their debts in the post-Christmas period.
Nationwide claim that its personal loan rate of 7.6 per cent APR typical is the "lowest rate in the UK".
The building society also insists a personal loan could help consumers to reduce outgoings and manage debt more efficiently.
Written by Garry Sagan.
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