A Price War has Broken Out As Lenders Fight To... [Derived Headline]

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A price war has broken out as lenders fight to cut the cost of personal loans. Since December, several lenders have chopped their rates, including Santander, Nationwide and Marks & Spencer Money. The average rate on the top 10 personal loans at pound(s)7500 has now dropped to 7.89% - the lowest level since November 2008, according to figures from moneysupermarket.com. So, if you spent too much at Christmas and are looking for a personal loan to tide you over, then you could be in luck.

Santander, for example, has cut its rate on loans between pound(s)7500 and pound(s)14,950 from 7.8% to 7.3%, and then again to 7.2%. Stefan Maryniak, personal finance expert at uSwitch.com, says: "In time to cure any New Year financial hangovers, Santander has launched one of the cheapest loans on the market in two years. It is no coincidence that this is happening just after Christmas, when people are revising their finances and looking for some quick-win loans. With a rate of 7.3% for borrowing over pound(s)7500, Santander offers a relatively low-cost solution for those struggling with Christmas costs, making a big purchase, or wanting to consolidate existing debt."

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A Price War has Broken Out As Lenders Fight To... [Derived Headline]

Anyone with a Nationwide current account can apply for a loan of between pound(s)7500 and pound(s)14,999 at the new rate of 7.2%. The rate is 7.3% if you don't have a Nationwide FlexAccount and is only available if you apply through moneys...

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