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MSE News: Loan rates hit two-and-a-half-year low

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in Loans
This is the discussion thread for the following MSE News Story:
"M&S Money today launched the market's first sub-7% loan since 2008 though many applicants won't qualify for it ..."
"M&S Money today launched the market's first sub-7% loan since 2008 though many applicants won't qualify for it ..."
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Excellent credit rating gives the advertised rate. In this case 6.9%
Good credit rating add 3%. In this case 9.9%
Poor credit rating add a further 5%. in this case 14.9%
This could apply to all loans above £5,000
This would be a fair price for risk scenario for both borrower and lender and payments would be afforable for borrowers.
Lenders could adverties the 3 tier system so that customers would know what rate they would get should they qualify for a loan.
I think you need to add another rating "abysmal credit rating add a further 15%", and they'd still form an orderly line.