The mainstream loans are heading towards 7 per cent APR and the best loan rates I can find today start at 6.7 per cent, take a look below;
A Loan of £5,000 over 4 years; Moneyback Bank 6.7% TYPICAL APR, Barclaycard personal loan 6.8% TYPICAL APR, Your Personal Loan 6.9% TYPICAL APR, Alliance and Leicester Loan 6.9% TYPICAL APR
After the personal loan rates of around 6.9% there is an increase to 7.9% to 8%. These are the lenders offering loans; Barclays personal loan 7.9% TYPICAL APR, Abbey personal loan 7.9% TYPICAL APR, Lombard Direct Online loan 7.9% TYPICAL APR, Sainsbury's Bank loan 7.9% TYPICAL APR
If you have a bad credit rating then you might have to apply for a secured loan if you're unsecured loan application is rejected. Secured loans are available to homeowners who are currently paying a mortgage. The loan is secured against the equity in your home so you are more likely to be accpeted for a secured loan. You should however remember that your home may be repossessed if you do not keep up repayments on your loan. Missing payments will have severe consequences and could make obtaining credit more difficult in the future.
You should always compare loans to find the best deal in the market for you!
Simon Duffy writes for the Financial Blog a UK Finance Blog talking about all aspects of personal finance including loans blogs, credit cards blogs, tenant loans, credit cards blogs, mortgages blogs, insurance blogs and more.
