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Lenders slashing rates for loan deals

Competition in the personal loans market has intensified over the new year, with one deal to borrow £10,000 offering the lowest rate in four years, Moneyfacts has found.

Seven lenders have dropped their loan rates since the start of 2012, the comparison website said, including a five-year deal from Marks&Spencer Money which Moneyfacts said could help consumers consolidate their debts.

Moneyfacts.co.uk spokeswoman Rachel Springall said: "Research by Moneyfacts has shown that 6.0% APR on a £10,000 borrowing amount over a five-year term is the lowest loan rate on offer in four years."