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Best Loan Rates - Personal loans can be an ideal way to borrow money if you need to pay for a large item such as a car or a holiday. Most lenders will allow you to borrow up to £25,000. Interest rates tend to vary depending on how much you borrow and over what period of time you agree to pay back the loan. Most loans require you to be resident in the UK, have a good credit record and receive a regular income.

In the last few years interest rates for personal loans have fallen dramatically. Five or six years ago rates were on average around 15%, now there are several loans on the market at bargain rates 6% or less. You need to consider carefully which type of loan is the best for you and shop around for lenders offering the lowest interest. When comparing look at the Annual Percentage Rates (APRs) and the Total Amount Repayable (TAR). Lenders calculate interest rates in different ways so it's important to check how much a loan will actually cost you. Also look out for things such as payment protection insurance, this could increase the cost of your loan by as much as a third and you should only take it out if you think you really need it. Finally look at the charges for repaying early, as many as 70% or people pay off their loans before the end repayment period. Visit this site to see who offer the best loan rates.