18 September 2008
The move by Moneyback Bank to cut the rates on its personal loans offers a "glimmer of hope" to borrowers amid the current financial uncertainty, it has been claimed. According to uSwitch.com, evidence of increased competition in the market will be welcomed by consumers who have been struggling to obtain affordable credit. Moneyback Bank reduced its rates to 7.8%, from 8.4%, on personal loans between £7,500 and £15,000, bringing it in line with lenders such as Barclays and Lombard Direct. The move comes just weeks after Moneyback increased its personal loan rates, which Simeon Linstead, Head of Personal Finance at uSwitch.com, claimed is "symptomatic" of how volatile the credit market is at the moment. "Customers should be prepared to act fast to secure the most competitive deals as it is becoming increasingly difficult to predict just how long best buy deals will be around for," he advised. Recent research carried out by Sainsbury's Finance revealed that there has been an increase in the number of parents using personal loans to pay for school fees.
Sometimes a personal loan is a good choice, perhaps you want to consolidate your credit cards or buy a new car. Whatever your needs, let uSwitch.com help you find one to suit. We're impartial and comprehensive and won't charge you for using our service. Compare personal loans and apply online.
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