Thu 1st Feb, 2007
Four Popular Loans for less than Ten Percent
Many people are frustrated when the apply for the very cheapest personal loans. However, it must be remembered that the loans that are on offer at the very lowest interest rates still have quite demanding requirements for qualification. If you have been finding it difficult to get a loan at around the seven percent mark, then maybe you should start looking at slightly higher rate loans. The market is full of loans that are priced at below ten percent and many still offer very attractive terms.
The Goldfish Personal Loan is the cheapest loan under comparison at this rate with a price of just 8.9 percent. The rate is fixed and there is no early redemption fee. The loan also charges no arrangement or administrative fees. Although Goldfish claim that the typical APR for this loan is as low as 6.9 percent, our research shows that a a rate two percent higher is a lot more common and easier to qualify for.
Intelligent Finance offer a personal loan that is advertised at 6.4 percent, but again, our research shows that a 9.7 percent rate is more common and a lot easier to qualify for. The early redemption charge is two months interest but as usual, no arrangement fees or administrative fees are payable.
This can be compared to the Bank of Ireland offer which charges a £65 arrangement fee which is payable with the first instalment. Added to this there is a one month interest charge for early repayment.
If you like to shop at Marks and Spencer then you may wish to consider the M&S personal loan with a typical APR of 9.9 percent. M&S offer a three month repayment holiday and promise to give you an answer on your application within the hour, if you apply between business hours. The early redemption fee for this loan is one months interest and there are no arrangement or administrative fees.
You can see therefore that there is a lot at offer at below the ten percent mark. While these are not the cheapest loans on the market, they may be just what you are looking for if you have tried and failed at getting approval for some of the lower rate loans on the market.