Why are personal loans so cheap?

Personal loans are traditionally how many people have purchased their first reasonable car or financed a holiday. In more recent times, consumers have often preferred credit cards but personal loan interest rates are usually well below the average credit card rate.

Right now, in August 2015, the lowest secured personal loan headline and comparison rates are under 7 per cent. That is probably the cheapest option available for anyone wanting to make a significant purchase like a car.

Source: Bankheadlines.com.au

Advertisement