Interest rates on loans hit new low

Banks in Slovakia are offering today consumer loans with interest rates at similar levels as mortgages were a few years ago. While in the recent past it was common that consumer credit came with interest rates of 10 percent or more, now you can find the cheapest loans on the market with just five percent. ČSOB is currently providing consumer loans with 5.5 percent interest, while UniCredit Bank has fallen to 4.9 percent interest. The banking firm mBank has gone one step further; offering zero interest loans, however such loans aren't free: there's a set-up fee of €30 and limitations on the size of the loan. Analysts claim that the current era of low interest rates will continue, but they perceive such interest-free loans as a one-time advertising campaign.