Larger personal loans are better value, claims financing portal

Fri, 08 Jun 2007

Consumers looking for personal loans with low lending rates may be interested to hear that loan interest payments have been getting cheaper for larger sums of money, according to a financing website.

Data from financing portal MoneyExpert indicates that average lending rates for a £5,000 personal loan have decreased from 8.74 per cent in November 2006 to 8.62 per cent today.

Meanwhile, repayments on borrowed sums in excess of £5,000 have remained the same.

And lending rates for smaller personal loans of £1,000 have grown from 14.63 per cent six months ago to 16.1 per cent now.

Sean Gardner, chief executive at MoneyExpert, has outlined the implications of the findings for prospective personal loan customers.

"It really is the case for the customer that bigger is better when it comes to personal loans," he said.

"The more you borrow, the better the deal you get."

As personal loan applicants may already be aware, the Bank of England's monetary policy committee announced its latest base rate decision on June 7th 2007.

It was decided that interest rates should remain static at 5.5 per cent for the next month.

add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

SimplyHealth Dental Plan
Get covered from £7.70 per month!
Amex Cash Back
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company

Paying Too Much?

7 out of 10 people are paying too much for their mortgage. To find out if you're one of them click here or fill out a FREE no obligation enquiry form