We are now at a time where low interest rates dominate the markets. The rates have been pushed down by the government in part to arrest the downward spiral of the economy and also to entice people to borrow or move their funds out of finance institutions and into the working economy. It has become the unofficial policy of governments in countries where the recession hit the hardest to keep the low interest rate environment at least to the end of 2010.
With the slight rebounding of major economies and the relaxing of some banking and finance sector's lending requirements this is now the best time for business or individuals to pursue their loan programs. Coupled with the low interest rate environment, the attraction of loans are very high. The average rates for personal loans are now between 10% and 20% per annum for those with moderate to good credit histories. For those with bad credit histories, a bad credit personal loan will have rates of 20% to 25% per annum.
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There is no doubt that the banking and finance sectors have had a very bad run the last couple of years. Add this to the severe financial sector influenced recession and most are scrambling to get their profit margins up. This situation is very good for the average borrower as the competition to win your business is very high. It is the best time to pitch lender versus lender to get the best deals. This is true even if you have a bad credit history and want bad credit loans that have rates closer to the norm.
In addition to simply being a good time to get loans, now is also a good time to use the relatively cheap bad credit loans to pay off debts that are more expensive. This can include any personal debts that you have to credit card companies or even cash advance loans that you may be servicing. It is a good time to set your credit records straight so that you can emerge from the hardship stronger than before.
There is however a time limit to this opening. Pass early 2011, analysts have predicted that the low interest rate environment will slowly be retracted and as the economy takes another dive and governments find their budgets insufficient. It is almost certain when that happens banks and lending institutions will increase their lending requirements once again. This coupled with the increased rates will mean that those with either poor to bad credit histories will have a hard time getting bad credit loans.
Overall, if you are in the market for a bad credit loan or even a normal loan, now is the time to act. It will be a very long time before the 3 situations (high lender competition, lowered lender requirements and reduced rates) will show up again. Some analysts even point to a 10-20 year gap before conditions like what we are experiencing today will come again. As they say, strike when the iron is hot.
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