According to a new research, larger personal loans come with lower rate of interest. The study from moneyexpert.com reveals that the APR (Annual Percentage Rate) on a smaller personal loan amount has increased as compared to the other loan with a greater value.
For example, the APR on a £1000 loan amount has increased from 14.63 percent in November to 16.1 percent right now. On the other hand, the APR on a personal loan of £3000 has increased from 12.35 percent to 13.8 percent. However, a personal loan for a £ 5000 loan amount has actually fallen down from 8.74 to 8.62 percent.
The chief executive MoneyExpert.com, Sean Gardner, has said: "Lenders have kept rates down on larger loans despite Bank of England increases while pushing up the rates on smaller amounts."
Personal loans are also known as unsecured loans which can be sought without putting any of your valuable assets as collateral. This loan type can be used for meeting your different needs like buying a car, going for a holiday trip, consolidating your credit card debts and for fulfilling your many other financial needs.
You can find many benefits with this loan type which is difficult to get with a secured loan type. Since, the valuation of the property is not involved with this case, the turnaround time reduces, and hence you can procure loans faster. You will find fewer hassles with this loan type because of the less paper work involved with this loan option.
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