Consumers who are weighing up the pros and cons of taking out a personal loan have been urged to act quickly to take advantage of comparatively low lending rates.
The message comes from Robin Amlot, senior editor of independent financing website MoneyExtra, who claims that "only a handful" of loan lenders have increased their unsecured personal loan rates in the past fortnight.
On January 11th 2007, the base rate was increased to 5.25 per cent following a surprise decision by the Bank of England's monetary policy committee.
Typically, this move is reflected in increased lending rates, so the fact that few have revised their terms so far should motivate personal loan searchers to act quickly, Mr Amlot argued.
"If you're looking for a loan - whatever the reason, be it a new car, holiday, home improvements or even debt consolidation - you should consider acting now to lock in an attractive interest rate," he said.
In other personal loan news, this week saw chancellor Gordon Brown unveil extra funding for a scheme that targets illegal loan sharks who offer high-risk personal loans with disproportionately large lending rates.
Personal loan searchers should act now, financing analyst claims
Personal loan searchers should act now, financing analyst claims
Fri, 26 Jan 2007
Recommended links
Apply for an online loan todayCompare loan rates
Loan calculators
Bad credit loans
Friends happy to grant personal loans
Rates cut on Abbey's unsecured personal loans
| Online Loans news |
|---|
| Buy To Let Loan Approvals Declining - Wed, 27 Aug 2008 |
| Over 3 Million Borrowers Refused Credit - Fri, 22 Aug 2008 |
| Loan Interest Rates On The Rise - Wed, 20 Aug 2008 |
| More News |