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26 April 2006
Banks are fighting it out to offer the best personal loan rates.
Four times as many loan providers are offering rates below six per cent APR as at the same time last year, shows new research.
There are thirteen established providers offering rates of less than six per cent available at the moment, with newer companies offering rates as low as 4.5 per cent, claims switching website uSwitch.
As banks compete to stay at the top of best-buy tables, it looks like a good time to take advantage of low rates to take out a personal loan.
"The personal loans market is at its most competitive for a long time as lenders continue to piggy-back one another to remain at, or reach, the top of the best buy tables," said Nick White of uSwitch.
"For anyone considering taking out a personal loan - to consolidate existing expensive debts, to buy a new car or finance a home improvement - now really is a good time to utilise such low rates of interest."
However, rates may start to rise again in the future, he added, with an industry crackdown on selling prices and high costs for Payment Protection Insurance.
If you are considering taking out a loan, you will be credit checked. Order your credit report now to view your financial commitments and see what lenders see.
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