Personal loan rate cuts from Barclays
January 25, 2008
Over recent weeks a number of high street lenders have hiked up the interest rates on their unsecured personal loans, some by a whopping 4%, which has made borrowing far more expensive for consumers looking to take out a personal loan. Around nine lenders are thought to have upped the interest rates on their unsecured borrowing, many blaming the effects of the global credit crunch and the turmoil in the financial markets, coupled with increased bad debts.
However, Barclay’s has decided to take a different approach, and has announced that it has actually cut the interest rates on its personal loans by up to 0.6%. Many existing customers of the bank could find themselves eligible to take out a personal loan at 6.8%. Officials from Barclays Bank have also stated that new customers will also be able to enjoy highly competitive deals on their borrowing.
According to officials from Barclays now is the ideal time to get one step ahead of the competition by cutting interest rates on unsecured borrowing whilst competitors are raising their interest rates. The bank hopes that this will draw in new custom as well as increase confidence from existing customers when it comes to borrowing with the bank. In fact, the bank has pledged to pay the difference each month along with an addition £1 a month to any consumers that is able to find a cheaper loan deal elsewhere.
Consumers are still advised to shop around by experts, as the increase in interest rates has not yet been adopted by all lenders and therefore there may be some other competitive loan deals out there for those that time the time to compare different deals from different lenders.
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