A rate war has broken out in the personal loan market, which is great news for anyone looking to borrow this January. The average rate on the top 10 unsecured personal loans at £7,500 has fallen to 7.89 per cent - the lowest level since November 2008.
Andrew Hagger from Moneynet.co.uk looks at the latest moves in the personal loan market. In the last two weeks we have seen six big financial brands cut the interest rate on their personal loan products.
M&S Money is reducing the rate on its personal loans from 9.9% APR to 7.5% APR (typical). The offer is available from 6th January 2011 and applies to personal loans between £7,500 and £15,000.
Sainsbury's Loans has just introduced a reduced rate of 7.4% APR Typical for new customers applying online for loans between £7,500 and £14,999.
One third of people who take out personal loans do not shop around, instead taking out the first loan they receive a quote for, according to research by Sainsbury's Finance. Additionally, 54 per cent of people chose their own bank or current account provider when choosing a lender and of these, 39% did not look elsewhere for a competitive quote.
The average rates on the top 10 unsecured personal loans has started to fall again, after rising to record highs in the first half of 2010, according to analysis from moneysupermarket.com.
Parents eagerly awaiting a new baby will need an average of £2,980 to fund purchases such as decorating and furnishing the nursery, a buggy, car seat, baby clothes and toys according to new research from Sainsbury's Finance Personal Loans.
There has been a 16.74% increase in the average interest rate on personal loans of £5,000 in the last two years alone, according to research by Sainsbury's Finance.
Nationwide Building Society is has cut its personal loan rate to 7.5% APR typical, making it the UK's lowest personal loan rate.
Sainsbury's Finance has announced a reduced rate of 7.7%, available from 9th September until 7th October, for Sainsbury's shoppers applying for a personal loan between £7,500 and £14,999.
Savvy shoppers could save up to £509 when buying a new registration car this autumn, simply by sorting out their finance before heading to the garage, according to findings from Confused.com.
Nationwide Building Society has cut its personal loan rate to 7.6% APR typical, making it the UK's lowest personal loan rate. This rate is for loans of up to five years between £7,500 and £14,999 for its main FlexAccount customers.
Britons are continuing to invest heavily in their homes despite continued reports of challenging economic conditions, according to Sainsbury's Finance, which says homeowners are spending more on home improvements and investing more in their property.
From 7 September 2010, more FlexAccount customers will be able to apply in branches for Nationwide's market-leading personal loan rate of 7.7% APR typical. This coincides with the release of the new car registration plates in September, which is likely to increase the number of personal loan applications in this time period.
When getting a brand new vehicle, aside from picking which one you want, you have a very important decision to make – how you pay for it.
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