Over the course of the past few months, a number of lenders in the unsecured loan market have been cutting the rates they charge for personal loans, particularly in the band between £7,500 and £15,000, where rates have been at their most competitive.
Last year, the main competition to be able to offer the best cheap loan deal was between Sainsbury’s, Tesco, M&S Money and the Nationwide building society. But even though we are only still in the first week of the New Year, seven lenders have already reduced their interest rates on their unsecured loan products.
The news comes from a new report from Moneyfacts.co.uk, who now say that personal loan rates in the unsecured loan sector are at their lowest level for the past four years. Santander, M&S Money, Tesco bank, The Co-Operative bank, AA, Smile and Barclays bank have all reduced their loan rates within the first five days of the year.
M&S Money have made the biggest reduction, by dropping the interest rate on a £10,000 unsecured loan by 0.4 per cent to just 6.0 per cent for a five year term. This is now the lowest recorded rate for this size and type of loan within the past four years.
Only twelve months ago, a similar loan would have charged a rate of 8.4 per cent and many experts believe that this is now the start of a personal loan price war, which could lead to some particularly low loan rates in the coming months for those borrowers with a good credit rating.
With such good loan rates on offer, now could be an ideal time for those people who overspent at Christmas to find a good deal on a debt consolidation loan. But with rates changing on an almost daily basis at the moment it is important to shop around to get the best deal available on a cheap loan.
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