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Digital News Report – Some banks changed their personal loan interest rate this week.
There are several types of personal loans including unsecured personal loans and secured car loans. Secured loans will usually have a low interest rate compared to unsecured loans.
More Americans are taking out personal loans, according to the Federal Reserve. Last week the Fed said that the outstanding amount of personal loans in November increased 4.2% (annual basis). In October the amount loaned was 9.4% higher than September.
Bank of America lowered their interest rate from a starting rate of 3.09% to 2.99%.
Chase also lowered their interest rate. Last week their base rate was 4.99%. Today they had a rate of 4.44%.
HSBC Bank lowered their interest rate from 9.69% to 9.59%. Their low base rate was 6.99% and their high rate was 12.39%.
Kaiser Federal Bank had a rate of 11.75 percent on their unsecured loans. Their base rate was 4.99% and their high rate was 18%.
The bank’s base rate is for collateralized loans to customers with excellent credit score. Customers with poor or bad credit will pay a higher rate.
By Tina Brown