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Digital News Report – Two major banks lowered their personal loan rates this week.
Personal Loans have become popular during this recession. The Federal Reserve revised their non-revolving “consumer” credit numbers Tuesday. The Fed reported that outstanding consumer credit jumped from 1.589 trillion in September to 1.598 trillion in October.
On average, rates declined in October. The new Fed numbers indicate that the rate dropped from 7.6% to 6.8%.
This week Bank of America and Chase lowered their base rate. Customers with bad credit will pay a higher rate. The interest rate will also depend on the loan amount.
Bank of America lowered their rate from 3.09% last week to 2.99% this week. Chase bank lowered their rate from 4.67% to 4.24% this week.
Wachovia held their rates steady this week. The bank had a rate of 9.12%. Their low end rate was 6.99% and their upper end rate was 11.24%.
Mutual of Omaha had a rate of 4.75% today.
Banks may offer lower personal loan rates if you are a deposit-customer with the bank. Personal car loans may carry lower rates too.
By Tina Brown