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Competitive loan rates 'still available'

Competitive loan rates are still available despite the fact that interest rates have risen substantially in the first three months of 2008, according to MoneyExpert.com.

Average loan rates have increased from 10.62 per cent at the start of 2008 to 11.4 per cent now, the website said.

However, it added that it is worthwhile for consumers to shop around, as there are still some decent rates available for those who look hard enough.

Sean Gardner of MoneyExpert.com said: "There are still competitive rates out there, particularly for people with good credit records."

He added that individuals with not so good credit history could still find loans but may have to pay higher levels of interest than they previously would have three months ago.

Over the first quarter of 2008, people with adverse credit, according to company figures, made 43 per cent of all loan searches on MoneyExpert.com.

The Bank of England will make its next decision on the base rate on April 10th.

See how much you could borrow with a Lombard Direct loan

© Adfero Ltd

02/04/2008 15:58:40

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