Derbyshire Building Society Launches Lowest Personal Loan Rate for Almost Six Years
CHESTER, England, October 9, 2012 /PRNewswire/ --
- Average top ten personal loan rates for £7,500 is now 5.94 per cent APR
Derbyshire Building Society has thrown down the gauntlet in the personal loans market by launching a rate of 5.6 per cent* on loans between £7,500 and £14,999; the lowest headline rate since November 2006 according to analysis by MoneySupermarket.
The move by Derbyshire now means the top ten average for personal loans over £7,500 has now dropped to 5.94 per cent - the lowest rate since February 2006.
Tim Moss, head of loans and debt at MoneySupermarket.com, said: "The move by Derbyshire Building Society could be great news for anyone who is looking to borrow a larger amount via a personal loan. As we have seen over recent months, when one lender moves, others tend to follow, so we could see the personal loan market hotting up - good news, especially when rates are falling to below credit crunch levels.
"However, the best deals are generally only available to consumers with excellent credit histories. Those with less than perfect records may be offered a different rate and lenders only have to offer the advertised loan rate to 51 per cent of successful applicants, so although a rate may initially appear attractive, it may not be the one you receive in the end. Before applying for a loan, or for any credit product, it's a good idea to check your credit history so you have a clearer idea of the products you are more likely to be accepted for based on your credit score."
MoneySupermarket compares the providers of credit reports at http://www.moneysupermarket.com/credit-monitoring/
Notes to editors:
The current average top ten personal loan rate for loans between £7,500 and £15,000 is 5.94 per cent. In February 2006, the average top ten rate was 5.83 per cent.
*Available until 31st October 2012
MoneySupermarket.com compares (at 30th August 2012)
- 107 car insurance providers and 82 home insurance providers
- 12 broadband providers and 18 energy providers
- 32 unsecured loan and 6 secured loan providers
- 62 mortgage lenders and 28 credit card providers
- 66 savings providers and 37 current account providers.
- Over 1,200,000 mobile phone deals
Our customers
We help our customers to save money on all of their household bills by providing a free, easy to use online service so they can compare a wide range of products in one place and find the product most suited to their needs. Our size means we are able to offer our customers exclusive, market-leading deals, including some they can't even get direct from providers.
Our providers
By having considerable volumes of informed customers actively looking for products and ready to purchase, we offer our providers an efficient and cost effective customer acquisition solution across all of our channels. This enables our providers to target their marketing spend in an effective and completely measurable way.
Our revenue comes predominantly from fees paid to us by product providers when a customer clicks through to their website and actually applies for or purchases a product. It is a success based marketing fee.
Our customer commitment
- We make it easy to find the brands you expect to see
- We strive to ensure a product cannot be found cheaper by going direct
- We let you remain in control of your personal data
- We are independent and impartial
- We make it easy to switch and save
- We strive to always show the most competitive product available
For further information please contact:
Paul Lawler,
MoneySupermarket.com
+44-(0)787-237-9545
[email protected]
SOURCE moneysupermarket.com
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article