Personal Loan Rates Drop But Not Entirely

Personal loan rates have been declining these past few months and this is making personal loans cheaper for clients. However, if you spend on a credit card you can get rid of the interest too.

Interest rates pertaining to personal loans are fluctuating more often nowadays. The changes are leaning in favor to customers making the loan cheaper and more affordable now.

Two well-known suppliers of these loans are Sainsbury’s Finance and Derbyshire Building Society and they have announced to the public that there have been changes in their rates, now they offer 5.9% for people who are borrowing a minimal amount of £7,500 in an interval of three years or longer.

Sainsbury offers to drop this 5.8 percent rate if a customer chooses to pay the loan before a three year period, and according to MoneySupermarket.com, this has been the lowest record of personal rates since November of 2006.

Good news for those who wish to borrow £7,500, the amount is now available for an interest rate of 6% or maybe even less! If you borrow this amount with a 6% interest you will only have to repay £228.16 of £8,213 during the period, which basically means that the loan will only require £713.92 in the interest charges.

But if you wish to borrow a smaller amount like £3,000 the rates would be higher. Sainsbury will have to impose a 14.8 percent rate which is almost twice as big over a three year period loan, costing you interest charges of about £733.29.

If you want to borrow only a small amount then you can get rid of interest rates by taking advantage of a 0% purchase card. This requires no interest rates provided you pay the whole amount in 18 months.

If you have great credit then you can get a loan for small amounts in NatWest and RBS with their YourPoints World MasterCard Special Offer cards. These credit card deals have to offer.

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