You are here: Home - Credit Cards & Loans -

Mutual launches lowest loan rate since 2006

0
Written by:
09/10/2012
Derbyshire Building Society has introduced a personal loan at a rate of 5.6% on loans between £7,500 and £14,999; the lowest headline rate since November 2006.

The move by Derbyshire now means the top ten average for personal loans over £7,500 has now dropped to 5.94% – the lowest rate since February 2006.

Tim Moss, head of loans and debt at MoneySupermarket.com, said: “The move by Derbyshire Building Society could be great news for anyone who is looking to borrow a larger amount via a personal loan.

“As we have seen over recent months, when one lender moves, others tend to follow, so we could see the personal loan market hotting up – good news, especially when rates are falling to below credit crunch levels.”

Moss does highlight that the best deals are generally only available to consumers with excellent credit histories.

Moss added: “Those with less than perfect records may be offered a different rate and lenders only have to offer the advertised loan rate to 51% of successful applicants, so although a rate may initially appear attractive, it may not be the one you receive in the end.”

Before applying for a loan, or for any credit product, it’s a good idea to check your credit history so you have a clearer idea of the products you are more likely to be accepted for based on your credit score, as too many can leave a footprint on your credit history.

Related Posts

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • Are you married or in a relationship and still living at home with your parents? According to latest research as ma… https://t.co/SpiNzsKIi6
  • RT @TSB_News: Today we’ve launched market leading rates on the high street with our two-year fixed bond and two-year fixed rate cash ISA. R…
  • RT @TSB_News: Today we’ve launched market leading rates on the high street with our two-year fixed bond and two-year fixed rate cash ISA. R…

Read previous post:
IDS: coalition committed to flat-rate state pension

Iain Duncan Smith has confirmed plans for a flat-rate state pension are still going ahead.

Close