Personal loan rates `falling`
26 January 2010
The average interest rate on the top ten personal loan deals is falling, according to new research from Moneysupermarket.com.
The price comparison website said that the average rate on the top ten personal loan deals is now 8.35% - the lowest since the Bank of England cut its base rate to 0.5%.
One loan rate has dropped to 7.6%, while others providers have also cut their rates recently, by between 0.1% and 2.5%.
Tim Moss, head of loans and debt at Moneysupermarket.com said: "It has been a long time since there was much good news to talk about in the loans market, but the recent moves suggest lenders are willing to open their purse strings just a little wider.
"For those in need of credit […], it might be time to have a look at personal loans again."
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Tags: loan, rates, loan rates
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