Good Deals On Personal Loans March 12th, 2013
As the personal loans and unsecured loan markets starts to see some signs of recovery and lenders are beginning to offer competitive deals on their loan products once again, the net result has been particularly good news for potential borrowers who may be looking for a new cheap loan deal.
Interest rates on personal loans in the unsecured loans market have dropped significantly over the course of the past couple of years, with some of the most competitive loan deals being in the £7,500 to £15,000 loan amount bracket, although there have been price reductions across the board.
New research from Moneyfacts.co.uk has found that the average interest rate on an unsecured loan of £5,000 over a term of three years has dropped from 12.5 per cent back in March 2011, to just 11.8 per cent today.
Twelve months ago, the best deal on offer for a cheap loan of £5,000 over three years was a rate of 7.9 per cent and the best loan deal over a two year term stood at a rate of 8.4 per cent. However, this has now fallen to just 6.8 per cent for the best current loan deal over this term.
The Moneyfacts survey also highlighted the best loan deals which are currently available on the market for an unsecured loan of £5,000. The best loan deal was from Hitachi Capital, which advertises a starting rate of just 6.8 per cent for a personal loan. This is closely followed by Sainsbury’s Bank, M&S Bank, Santander and the Clydesdale Bank.
Of course, these advertised loan rates are only available to those borrowers with a perfect credit rating and the actual interest rate charged on a personal loan will depend largely on the personal circumstances and credit rating of the individual who applies for the loan.















