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Bank Claims: Loan rates 'unlikely' to decrease further

Loan rates are unlikely to decrease further following their recent fall, according to an expert.

Recent research from moneysupermarket.com has revealed that, after rising to record levels in the first half of 2010, the average rates on the top ten unsecured personal loans has started to fall again.

The average rate is now around 10.19 per cent, a 0.58 per cent drop from its peak in April 2010.

Andrew Hagger, spokesman for financial comparison website moneynet.co.uk, expressed his belief that, although loan rates have started to decrease, the trend is unlikely to continue.

"The only reason that they might go down would be increased competition but at the moment I can't see the rates going that much lower," he said.

"At least it's better than it increasing but I don't think [we should] get excited just yet. To get a personal loan from a bank these days you have to have an ultra clean credit record, they are far more fussy and stricter on their lending criteria then they were."

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800242078-ADNFCR



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