Why are personal loan interest rates going down? Are banks feeling more optimistic about lending? Will rates continue to go down?
Barclays, First Direct, HSBC, Marks & Spencer, Sainsbury's Finance, and Tesco Bank, have cut the interest they charge. I may borrow to help with my personal post holiday crash!
generally the rates on personal loans dont follow the normal interest rate trends.
loan companies will reduce their rates as a sign that they want to lend more and will therefore be competitive but the rates quoted are always "typical" which means you might see a deal at 6.9% but once your application is processed you might be offered 14.9% because they regard you as a higher risk than the "average" applicant | 01.07.11 @ 18:20