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Small loan amount - Tough to handle |
| Written by Lilly lydia | |
| Friday, 28 March 2008 | |
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The interest rate on small amount of loans has increased significantly. However, borrowers with good credit score can avail a fair deal.<br><br> London (Shakespearefinance) March 26, 2008: Since January, the average rate on a £1,000 unsecured loan has risen by an alarming 1.6%. This hike has added £27 to the total cost if repaid over three years. The cost of an average £2,000 loan has also risen by 0.8% since January, and a £3,000loan has increased by 0.5% per annum. People wanting to borrow more than £20,000 have somehow witnessed a drop in interest rate. Three months ago, the average for this amount was 8.1%, and now it has fallen to 8%.According to Julia Harris, the financial data expert of Moneyfacts: "The current credit crisis has seen institutions concentrating on getting money in the door and becoming more dear and choosy while lending." The climbing loan rates are even more marked if you compare the situation today with the previous year - when the BoE base rate was the same as now. The interest rate on a £1,000 loan has increased by 4.6%, while 3.9% and 3.8% have been added to loans of £2,000 and £3,000respectively. Even loans of more than £20,000 have also witnessed a rise of more than 1%. However, the worthy borrowers with good credit scores can still get some decent discounts on interest. For almost six months now, Moneyback Bank, part of Alliance & Leicester, has been riding high at the top of the best-buy loan deals. It is offering a typical rate of 6.7% on a £5,000 loan having a repayment period of 3 years - giving a total cost of £5,520. The interest rate remains unchanged if you want to borrow £10,000. For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.shakespearefinance.co.uk/ |
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