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Digital News Report – Although the amount of money in circulation continues to rise, Americans are still struggling make ends meet.
While the inflation rate remains low, data provided by the Federal Reserve indicates that the M1 money supply increased 2.94% from October to November (non-seasonally adjusted). More money in circulation doesn’t always translate into easier financing.
Declining credit scores have made it more difficult to qualify for personal loans. There are still options available for people with a poor or bad credit history. The interest rate will depend on the credit score, loan amount and type of loan.
Wachovia had a personal loan rate of 9.12% today. The bank had a low rate of 6.99% and a high rate of 11.24%.
Personal loans include secured and non-secured financing. Personal loans do not include mortgages, but loans secured by a car or other valuable will usually carry a lower rate.
U.S. Bank had a published rate of 5.28%.
We check company press releases, make phone calls and monitor published rates for the data. Although personal loan rates do not change often, we try to provide a range of current data.
Citibank had a low personal unsecured loan rate of 10.49%. Their rate, depending on several factors, could be as high as 25.49%.
By: Tina Brown