Loan Interest Rates

1trainer1

Do personal Loan interest rates get better the closer we get to the end of the financial year.


I am looking for about £15,000 to be paid back over 60 months and have found a rate to pay back £17,908 over 60 months which was reasonable but thought could I do better

Matty007

Just replying to my recent personal loan of £15 000 over 60 months.

M&S @ 4.7%, £280 per month repayment, total repayment over the term is £16819.80.

I had £7000 balance transfer debt on their card and have never defaulted on any payments for a few years.

This seemed to smooth the acceptance very quickly.

bargainbetty

No, end of financial year makes no difference to available rates. The banks don't do end of year sales.

Your personal history and affordability will determine your rates.

brendon

It is entirely feasible that rates will change throughout the year, based on two factors: (a) the default rate will probably be correlated to application time and (b) supply-demand of funds will change throughout the year. But any changes are certainly too small for you to worry about.

[Deleted User]

bargainbetty wrote: »

The banks don't do end of year sales.

It'd be nice though, wouldn't it? Perhaps they should be like supermarkets, and discount all the cash left in the ATMs at the end of the day.

"£100 cash, marked down to £50. Everything must go."