Unsecured personal loans help people who have debt consolidate that debt into a manageable amount of money that they can pay-off over a defined period of time. The month of March has seen personal loan rates trend lower than previous months in the United States, which means those who were awarded loans acquired them at affordable rates, lowering any interest payments they might have to make on the loan in the future. The United States Federal Reserve reported in mid-March 2011 that the amount of outstanding personal loans in the United States increased by 2.5 percent in the month of January, which is a figure that reflects an annual rate across the country.
The Federal Reserve also released a revised estimate of the fourth quarter for 2010, changing it to 2.1 percent, an incline for the fourth quarter after the amount declined in the first three quarters of the year. These numbers reflect the fact that banks across the country are issuing more unsecured personal loans to those applying for them. Three of the major lenders in the country; Mutual of Omaha, Kaiser Federal Bank, and Union Bank, all made the news regarding these loans in 2010 and early 2011.
Mutual of Omaha did not change their rates for personal loans, whether they are secured or unsecured, which means their rate still stands at 5.79 percent. Kaiser Federal Bank offers normal personal loans at 3.99 percent while they also offer a Savings Secured Loan at 3 percent. Union Bank offers unsecured personal loans beginning at the rate of 9 percent and going as high as 18.885 percent. Another major lender in the United States, CitiBank, lowered their unsecured personal loan rates to 10.49 percent. Bank of America has personal loans with rates of 2.99 percent while Chase lowered their personal loan rates to 4.04 percent from 4.29 percent. If you are in need of an unsecured personal loan, perform plenty of research prior to applying for the loan because you might be able to find lower rates when you browse around with different lending companies.