Digital News Report – Personal loan rates declined this week. Kaiser Federal and Union Bank both lowered their personal loan rates.
The Federal Reserve reported this last week that the amount of outstanding personal loans increased 2.5% in January. That figure reflects an annual rate.
The Fed also revised their 4th quarter 2010 estimate. The total amount of outstanding personal loan debt increased 2.1% after declining the first three quarters.
That means banks are making more personal loans. The trend is higher.
Mutual of Omaha didn’t change their personal loan rate. Their base personal loan rate was 5.79%.
Personal loans include car loans. They can either be secured or unsecured. There are even unsecured personal loans for people with bad credit scores.
Kaiser Federal Bank is offering their Savings Secured Loan (fixed rate) at 3%. Their normal personal loan rates start at 3.99%.
Union Bank had unsecured personal loans starting at 9% and going up to 18.885%.
By Tina Brown