We at Savequest Bank have long hoped that the tough competition in the fast loan market will result in lower prices for several of the lenders so that we get cheaper fast loans. That has not really happened, some lenders have even raised their prices. But now it has actually started to happen a bit on the price reduction front and it is only to be hoped that it will lead to more lenders following.
Mobile loans lower their prices by 25%
Mobile loans lowered their prices in June 2016 by as much as 25% and this has meant that their fast loans have become among the cheapest on the market, which we like sharply. For example, when it comes to fast loans of USD 3000 for 30 days, Mobile loan offers the third cheapest loan on the sms loan market and the same goes for USD 5000 for 60 days. Of course, this is excellent, as Mobile loan is a very sensible lender who also pays out money quickly to Surelend Finance accounts.
LendPremium Credit lowers the interest rate for its larger sms loans
At the end of May 2016, LendPremium Credit also reduced the prices of its slightly larger sms loans by about USD 100 – 200 per loan. The loans concerned are those of USD 7000 – 10000. The reduction is not as impressive as the Mobil loan carried out, partly because the percentage reduction is not at all as great as Mobile loan’s loan and partly because it does not affect all loan amounts, but it is still better than none.
Lower interest rates at Highest Bank throughout June
Highest Bank has also temporarily lowered its interest rates in June, but we hope they will continue to do so after June, even if it is doubtful. After all, it’s not the peak season for the lending industry in June, since most people get their tax refund then, so that’s probably why Highest Bank lowered their rates in the month of June. The interest rate at Highest Bank is currently at 12.5% - 25% instead of 22.5 – 25.0%.
Highest Bank has no cooperation with Savequest Bank and other comparison sites anymore, so we do not have them on our site anymore.
The beginning of a new trend?
That said, prices have started to move down a bit when it comes to fast loans. However, it is not so certain that this is the beginning of a positive trend with cheap sms loans, but we can hope for that. You do not need to be a Doctor of Economics to understand that fierce competition lowers prices for the consumer in the long run and that should of course apply to sms loans as well. And it can also mean that those actors who do not have sufficient profitability have to put down their activities, but those who get to do that are the ones who few like and maybe they don’t.
Sms loans low interest rates