Cheapest personal loan rates drop to lowest level in four years as M&S Money ...
And the increased competition comes despite the worsening eurozone debt crisis causing a tightening in inter-bank lending in recent months - in effect, a milder version of the 2008 credit crunch.
The latest move by M&S Money and Tesco may signal another round of widespread rate cutting, following a similar skirmish between lenders in October.
Tim Moss, head of loans and debt at MoneySupermarket.com, said: 'With many consumers reviewing their finances in the New Year, it is great to see providers creating some healthy competition in the unsecured loans market. M&S Money’s move sets the benchmark and it may not be long until we see rates drop below the 6 per cent mark – the lowest rates since 2007.'
'For those looking to borrow over £7,500 there are some excellent deals and in some cases it pays to borrow slightly more as it would cost you less overall. Unfortunately, we have yet to see rates drop as rapidly for smaller loans.'
The best rate for a loan under £7,500 is currently from Sainsbury's Finance - which is offering a substantially higher rate compared to loans over this amount at 6.9 per cent. [ More details ]
In the final quarter of 2011 many lenders began dropping their rates after lending was squeezed during 2010. In November, Sainsbury's was offering 6.1 per cent on personal loans between £7,500 and £10,000 to Nectar card customers borrowing for three years.
Nationwide also dropped its loan rate to 6.3 per cent for new customers and 6.2 per cent for existing customers. [ More details ]
After a promotional period Sainsbury's put up its rate to 6.4 per cent at the end of last year.
However, low rates are only available to those with excellent credit scores. Anyone who does not have an impeccable credit history will continue to be charged significantly higher rates of interest.
To apply for the M&S 6 per cent loan you have to be aged over 30 or own your own home.
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To apply for the M&S 6 per cent loan you have to be aged over 30 or own your own home. [More details] If you're thinking about consolidating your debts then you may be considering a personal loan, but could a 0 per cent balance transfer card be a
As for Europe's banks, the fact that they are taking loans from their clients is only one sign of their plight. Before Christmas, the ECB offered banks hundreds of billions in cheap three-year loans, but evidence since then suggests that lenders are
The UK's number one comparison site compared the current deals on a range of popular financial products including personal loans, savings accounts, mortgages and credit cards, to those offered in January 2011 and found some good news for savers and
It also becomes even more onerous if the foreign entity 'loans' those profits back to the home company with an interest rate, thereby continuing the problem. a) The issue of transfer pricing. Now the IRS does have rules for how transfer pricing is
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