Track down the lowest personal loan rate

Finding a personal loan is becoming even harder since the credit crunch, with banks imposing more and more stringent restrictions, and asking for alarming rates of interest on repayments. Interest rates on personal loans are now at their highest since records began, averaging 25 times the Bank of England's base rate. It really pays to shop around for the lowest loan interest rates.

Comparison sites like moneysupermarket.com and thisismoney.co.uk can offer a quick check on the best rates available, although you'll have to look a little closer at the fine print to check the qualifications, restrictions and conditions on each lender's deal.

Alliance & Leicester (santander-products.co.uk), now part of the Santander group, offers an attractive rate of 6.3% for loans of £7,500 - £14,950. If you borrowed £10,000 over the maximum 5 years, monthly repayments would be £193.91. These loans are open to existing and new customers, and you can apply online for a quick decision.

Nationwide (nationwide.co.uk) offers a rate of 6.4% for loans between £7,500 and £14,999. Flex Account customers will get a rate of 6.3%. You can check online for a no obligation quote that won't affect your credit rating.

Not just any personal loan, an M & S Personal Loan from marksandspencer.com is also available at 6.4%, on sums from £7,500 to £15,000. Applicants must be UK residents aged over 30 or a homeowner, and must have an excellent credit rating to obtain this lowest loan rate.


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