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Digital News Report – Personal loan rates don’t change frequently but we found a change at Wells Fargo this week. Personal loans are cheaper today compared to last week at this time.
The amount of money involved in non-revolving personal loans jumped nearly 8% in September, according to the latest release from the Federal Reserve. Compare that to 4.4% for the entire year of 2007. Personal loans are becoming more popular.
We monitor personal loan rates by making phone calls, checking websites and monitoring press releases. Last week Wells Fargo offered personal loans for as little as 6.24% and as much as 28.46%.
The rates will depend on several factors including credit history. Secured personal loans will usually carry a lower interest rate. Customers can secure a loan with a car, boat or other valuable.
This week Wells Fargo offered personal loans for between 4.49% and 18.74%. Rates are always subject to change.
Wachovia is offering personal loans from 6.99% to 11.24%. Again, credit history is a factor. ,b>Northern Trust had a rate of 7.5%.
The Federal Reserve reported an average personal loan rate in August was 10.71%. The rate for September was not available.
By Tina Brown