Personal loans 'could bolster Christmas coffers'
17 December 2009 12:54:52
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| Christmas debt worries could be eased by personal loans. |
MSN Money noted that many lenders will transfer cash to consumers' bank accounts within 24 hours of a loan application being accepted, albeit with a charge of approximately £45.
However, the company also emphasised that having a strong credit rating is key to securing the most competitive rates.
"Could a small loan offer struggling shoppers a low-cost credit option? The answer is yes, so long as you have an immaculate credit rating," it said on its official website.
In addition, MSN Money urged Britons to remember that small loans worth less than £7,500 are likely to be offered with higher APRs than more sizeable alternatives.
The report also reminded loan customers that the rate of interest will remain unchanged for the duration of the repayment period.
Last week, a study by Sainsbury's Finance suggested that the personal loan sector is being buoyed by increased demand for new cars amid the government's scrappage scheme.
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