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Personal loan rates 'decreasing'

Personal loan rates have fallen at the beginning of 2008, signalling "good news for borrowers", new figures show.

Despite the effects on the lending market of the recent global credit crunch, loan rates have started to drop, with five lenders reducing their rates by as much as three per cent during the first 14 days of January.

A new report from Moneyfacts states: "It's the season of debt consolidation, so perhaps these lenders are looking to maximise their opportunities within this limited window.

The Bank of England's monetary policy committee opted in December 2007 to cut the base rate of interest by a quarter point to 5.5 per cent and analysts are predicting a further reduction within the first few months of this year.

Loan rates rose steadily during 2007, with rates for personal loans of below six per cent disappearing and the best deals on the market by the end of the year offering rates of between 6.5 per cent seven per cent, according to the Moneyfacts figures.

Sources:- http://www.moneynews.co.uk/4101/personal-loan-rates-decreasing-/

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