Rachel Springall, spokesperson for Moneyfacts.co.uk, commented: “Research by Moneyfacts has shown that 6.0% APR on a £10,000 borrowing amount over a five year term is the lowest loan rate on offer in four years. Previously the lowest rates for this borrowing amount and term were: 8.4% one year ago, 7.8% two years ago, 6.8% three years ago and 5.8% four years ago.

“Marks & Spencer Money has reduced its personal loan rate by 0.4% to 6.0% APR for medium borrowing amounts of £10,000 over five years. Those looking for a personal loan to consolidate their debts will benefit from this low rate.

“Seven lenders have dropped their loan rates since the start of 2012. It will be interesting to see whether other lenders follow suit over the coming weeks. Customers must shop around for the best deal as loan rates are continuing to fall in this competitive market.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.