Will personal loan interst rates come down due to ECB decrease?

[construct_06]

Will personal loan interst rates come down due to ECB decrease?

Im about to take out a loan with Tesco, best rate on the market at the moment.

just wondering do these rates genearlly change when the ECB interest rates change? And if so, how long?

 

[marksa]

unlikely to come down because of ECB - personal loan rates are mainly fixed rate, and therefore tied into the fixed rates. But fixed rates are falling too. My guess is that rates for PL's will stay where they are as banks will perceive greater risk of default (punter not paying!) in times of economic decline - recession. Also cost of credit for banks is very expensive at the moment