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Loans -
Loan rates increase - 02/06/2008
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The rates on loans are still continuing to rise, however if you decide to take out a loan the more you borrow the cheaper it will be for you. According to money expert.com, the standard rate on unsecured loans of about £5,000 and £7,500 have risen by 1% in the past 6 months, even with the Bank of England slashing interest rates up to three consecutive times.
The current rate for £5,000 loan stands now at 10.16% in comparison to November last year, where it stood at 9.44%. In addition the rate for a £7,500 loan has risen by 0.91% to 8.88% in contrast to 7.97% in November of last year. The research carried out by money expert.com did not obtain the average rates for a £10,000 loan, however you can borrow this sum of money and expect to be charged interest that is between 7.3% and 7.4% from borrowers, such as Tesco personal finance, as well as Barclaycard.
It is still possible to take out deals that are below the 7% mark, as borrowers like yourpersonnalloan.co.uk are providing 6.9% on the sum of £5,000 borrowed, spread across 3 years. All the most competitive deals have significantly risen from 6.4% to roughly about 6.9% at this moment.
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