Spring is (hopefully) just around the corner, and that means a lot of people could be planning to indulge in that age-old tradition of spring cleaning – and perhaps even a spot of DIY or home improvement on those bank holidays. And what about spring weddings? Or the thought of a new car to make the most of the sunshine?
It's a great time of year to start making those kinds of plans. Everyone's feeling a bit brighter and fresher, but those ideas could well need a bit of extra cash to move things along a bit. Some people might be looking to a personal loan to fund things, and they're certainly considering it at the right time – with loan rates plummeting, it could be the perfect opportunity to secure that extra finance without being lumbered with excessive interest.
There's nothing to stop you from finding out, and our loan calculator offers a quick and easy way to compare loans and see what deals you can find – as well as how much your repayments could be. However, it's important to remember that these headline rates are representative and depend entirely on individual circumstances, particularly credit rating, and it's also worth noting that the best rates are typically for mid-tier borrowing – so if you're after different amounts, you could be charged more.
With personal loans offering such good rates they're the only sensible choice, and are a far cry from payday loans – compare 4.5% APR to anywhere up to 5,000% and you'll soon see why they should never be an option. And, with the industry coming under fire yet again this week it's even more reason to steer clear.
Citizens Advice has branded a lot of payday loan adverts "irresponsible" and has accused them of breaching advertising rules, with some failing to disclose the true cost of the loan and others not showing the reality of payday lending – that these short-term loans can have long-term consequences, with sky-high interest rates and extra charges meaning people could struggle to keep up.
Payday loans should never be given a second thought, and with personal loan rates at such record lows there's simply no reason to. Interest rates and resulting repayments won't be excessive, allowing you to fund your plans without the extra expense, and with careful budgeting there's nothing to stop you making the most of these record rates to put the spring back in your step.
Compare personal loan rates using our handy loan calculator
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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