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Personal loan rates 'beginning to decline'
Rates on personal loans in the UK are starting to fall, according to new research from Moneysupermarket.com.
The study by the comparison website found that the average rate available on the top ten loan deals have fallen to 8.35 per cent, the lowest level since the Bank of England cut its base rate to 0.5 per cent in March.
However, the organisation has warned that, despite the reduction, lenders are still restricting personal loans to existing customers.
Tim Moss, head of loans and debt at Moneysupermarket.com, said the study may suggest that "the tide is turning".
He added: "It has been a long time since there was much good news to talk about in the loans market, but the recent moves suggest lenders are willing to open their purse strings just a little wider."
Earlier this week, Moneysupermarket.com suggested that personal loans could be an ideal way for people to cut their credit card debts.