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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And remember, every time you switch you will have to pay a balance transfer free, adding to the total cost of your debt repayment. Battle : M&S Money have ignited a personal loan rate war after reducing its rate from.
Alternatively, you could apply for a personal loan to cover the whole lot. This will inevitably be more expensive – Zopa is the cheapest lender for £5000 loans over three years, charging 7.7% or £155.42 a month. But the big advantage of this is that
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The couple, who recently got married, have amassed some debts, including £3000 on a credit card and a £4000 personal loan. "The card is a 0 per cent deal with Tesco, but the interest-free period is due to finish in May 2012," says Alex.
President Christian Wulff, Merkel's candidate for the largely ceremonial job in 2010, is under intense pressure over a private loan he received from a wealthy businessman's wife and an angry call he made to a newspaper editor before it published a
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