Summer is a time synonymous with many things: vacations, family, travel, good weather, etc. It is also synonymous with rebates, and not only from those stores and shopping centers. This 2019, June and July have confirmed a downward trend in average interest rates (APR) of personal loans, reaching their annual minimum value.
The evolution of loan interest
That the APR is an average of 8.18% is good news because it reflects the good health of personal loans in financial markets and the hope of sustained growth in demand for these types of products. The Lite Lender registered a 4% drop in price compared to last months and more than 6% compared to January when the outlook was not as positive and interest rose.
The interest rate on loans and loans, which is collected within the APR along with the rest of the product costs, was also reduced in those months. According to the Lite Lender, the average rate of loans for personal consumption that month was 7.07%, while a month earlier it was 7.48%. This is the lowest value of the whole year 2019.
The rebates reach online loans
This second quarter of 2019 has brought large discounts to the cost of online loans, and many entities have already reflected these changes in their products to offer them at minimum costs so far this year. Summer logic is also imposed on many private and banking entities alike.
More variations are expected during the next months to face the second half of 2019, with more entities getting into the car. This is the irrefutable proof of the importance of comparing products and entities whenever funding is sought and there is doubt about which one is the most successful.
Online loans can be requested 100% online without paperwork or changing banks, so the consumer is free to compare, jump from one entity to another and look for the most aggressive offer or that best suits their specific needs.