5 September 2005
In the latest twist in the personal loans market, financial news website This is Money says that competition between personal loans providers is heating up.
The website says that loans providers are fighting for customers since the recent interest rate cut, with the best deals to be found on telephone or internet loans.
A three-year loan for £5000 can go for as little as 5.7 per cent per year, the news provider says.
This is Money cites industry experts who recommend online or over-the-phone deals from Goldfish, Lombard Direct, Moneyback Bank - part of A&L - Nationwide, Northern Rock and Tesco.
The company highlights the benefits of taking a loan by pointing to the case of the Phillips family from Nottingham, who used a loan taken at the right time to improve their garden and add value to their house.
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