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Nevertheless, for those who feel confident to manage their money, a personal loan can be a good way to finance a major purchase Gucci Handbags On Sale
The Illegal Money Lending Team points out that victims of unlicensed lenders are not breaking the law but the loan sharks are, and if they are caught then the debts owed to them could be written off.
But the headline loans are available only to high earners and people with excellent credit records. Those who are turned down, or those in difficulties with managing their debts, may be tempted to look for other sources of finance.
The Derbyshire's 5.9 per cent representative APR on its personal loan applies to loans of between 7,500 and 14,999, paid back over up to five years. It is open to all but only borrowers with unblemished credit files will qualify for the headline rate.
Sainsbury's Finance undercut both providers with a rate of 5.8 per cent for Nectar card customers.
advice to people with debt problems on 0800 1381 111 from 8am to 8pm on weekdays.
But you must repay the loan within three years to benefit from this market leading rate, which is also dependent on your credit score.
"These low rates are only available to those with excellent credit histories, with other borrowers still being charged significantly higher rates of interest."
If you are a Nectar cardholder, you can now borrow between 7,500 and 15,000 at a representative APR of 5.8 per cent through Sainsbury's Bank's Nectar Cardholder Personal Loan.
Tim Moss, head of loans and debt at MoneySupermarket, said: "The launch of the lowest personal loan rate since 2006 is great news for anyone looking to borrow and indicates that banks are finding an appetite for new business.
DONT do it! That's the message from officials in Leicestershire to anyone considering borrowing money from anywhere other than a reputable financial institution.
For non Nectar cardholders, meanwhile, the cheapest representative APR has fallen to 5.9% per cent, although this is available over five years. This brings down monthly repayments but means uyou7 pay more interest overall.
or to consolidate other debts at a better rate.
from 9,085 to 8,667.
Consumer Credit Counselling Service (CCCS) is a helpline providing free and impartial Gucci Wallet With Flowers
start off being friendly but they offer no paperwork or credit agreement that shows the APR rate. Then they turn nasty if you can't make the repayments and you could be left in a difficult situation, she warned.
This means the cost of borrowing 7,500 over a five year period has fallen Gucci Belt Bag Supreme
The current rules governing loans allow loan providers to charge up to 49 per cent of applicants a higher rate while continuing to advertise the same representative APR.
The latest rate war was sparked by the Derbyshire Building Society, part of the Nationwide Group, which announced a 5.9 per cent loan. This was matched by Barclays for current account customers earning at least 50,000 a year.
The advice from MoneySupermarket is to shop around for the Prada Sunglasses Tortoise best deals and look out for the small print. Loans for sums below 7,500 are generally at a higher rate and in some cases a 0 per cent credit card could be a better deal.
Caroline North, leader of the unfair and rogue trading team at Leicestershire County Council, said I many cases unlicensed lenders were known to the borrower.
With the cost of borrowing now at a six year low, some might be tempted to take out a loan for a holiday, a car or home improvements.
Barclays's most competitive loan is available only to people who have been customers at least a year and have paid in more than 3,000 a month for the last six months.
This is the lowest rate we've seen for over six years and pulls the average rate for the top five personal loan deals to just 6%.
Other options include the National Debt Line, which offers free, confidential and independent support over the phone. Their helpline on 0808 8084 000 is manned 9am and 9pm on weekdays and 9.30 am to 1pm on Saturdays (and you can leave a voicemail message at other times).
want to raise awareness of the problem and target victims, she said.
Repayments are fixed for the term of the loan, making budgeting easier.
In the worst case scenario, these lenders could turn out to be loan sharks, who charge exorbitant rates of interest.
Mind out for loan sharks
Tim Moss said: "As well as the amount you are looking to borrow, the other key thing that affects the cost of a loan is your credit score.
"Other lenders may also follow suit, which could help to bring down the cost of borrowing for consumers even further."
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