Rates for borrowing have reached a unique record low. But a lot depends on just how much cash you needPersonal loan rates reached a unique low of 3.5% this week after Sainsbury’s became the latest lender to cut the cost. The supermarket shaved 0.1% off borrowing £7500 to £15000 for up to three years for Nectar cardholders. This undercuts its closest rivals Cahoot,First Direct, Nationwide and M&S Bank, or which are all offering similar-sized loans at 3.6% APR.
The stir comes less than a month after the Bank of England said rates on personal loans had reached the lowest levels since records began.
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Source: theguardian.com