Lower personal loan rates on offer

There was good news this week for anyone looking for a personal loan, with both Tesco Personal Finance and Goldfish launching low rates.

Tesco has cut its rates for online customers to 7.3% for loans of £15,000 or more, while offline customers applying by phone or post could qualify for a rate of 7.9% for the same amount. Loans of between £5,000 and £14,999 are available at 7.7% for online customers only.

Goldfish, meanwhile, has made its first entry into the personal loans market with rates from 7.9% to 13.9%, with no early repayment penalties. Overpayment is also permitted and interest will be calculated daily. For those borrowing between £15,000 and £20,000 the rate on offer is 7.9%, while £10,000-£14,999 comes in at 8.9%. For smaller loans of between £2,000 to £4,999, the rate will be 13.9%.

Charlie Herbert, marketing director of Goldfish said: "We have introduced what we believe is a great flexible personal loan with an attractive combination of features.

"The loan can be used to reschedule debt, for weddings or holidays. In fact, anything that is considered legal."