Personal Financial Planning Tips: How to Get a Low Interest Personal Loan
Rates have declined slightly since earlier in the year, with competitive deals on offer from several banks.
Below, we have compiled the best deals Applicants should keep in mind that they do not always receive the advertised rates They may even be rejected by the best deal but accepted for one of the other, remember well that each application leaves a mark on your credit file.
In fact, up 90pc of applicants are rejected the best deals because of their credit score lenders often offer borrowers a rate much higher than advertised or simply divert them completely.
The best rates are usually offered loans between 7500 and 15,000 Borrow below or above these figures, and the rate can often rise above 10pc.
Bookmark - updated regularly - to follow the latest personal loan offers.
1 Sainsbury's Bank offers the lowest rates on the common market, 3 3pc on loans between 7500 and 15 000 people who have no nectar card will pay 3 4pc.
At this rate, the loan can be repaid over a period of two or three years.
Loan 14,000 over three years will cost 69 408 per month in repayments and interest 77 712 over the life of the loan.
2 M S Bank also offers a rate of 3 3pc and allow customers to borrow between 7500 and 15 000 For existing customers M S Bank, there may be preferential rates on other loan amounts available.
Customers can pay the money between one and seven years.
Loan 10,000 over three years will cost 92 291 in monthly payments over the term of the loan, it will cost you 509 12 interest.
3 HSBC is another company that offers the rate of 3 3pc on loans between 7500 and 15,000.
Loan 13,000 over three years will cost 50 379 per month and a total of 86 661 interest.
4 Clydesdale Bank offers a rate of 3 4pc on loans between 7500 and 15,000 clients can repay the money between one and seven years, with a limit of five years for certain loan amounts.
The same prices are available at Yorkshire Bank North division based in England Clydesdale.
In both banks, 12,500 loans over four years will cost 61 278 in monthly payments over the term of the loan, it will cost you 873 12 interest.
5 Nationwide offers a rate of 3 4pc on personal loans between 7500 and 14999 in one to five years.
The lowest loan rates are available only to major customers of the country's current account.
Borrowing 9,000 over two years will cost 22 388 monthly payments over the term of the loan, it will cost you 317 24 interest.
6 First Direct offers the next lowest rates on the market, 3 6pc and borrow between 7000 and 25 000 The loan is available in 1 account current account customers.
Customers can pay the money between one and seven years.
Borrowing 22,000 over six years will cost 340 monthly payments over the term of the loan, it will cost you 2494 interest.
7 Tesco Bank offers a rate of 3 6pc on loans between 7500 and 15,000 for holders Clubcard customers can repay the money between one and eight years.
Loan 14,000 over two years will cost 09 605 in monthly payments over the term of the loan, it will cost 522 interest.
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