Well, the article is good, but interest rates indicated need not be so high ... it again depends on where you work and your take home and you could bargain for personal loan interest rates at even 11 % p.a. on a reducing balance basis.
I have bargained with a few lenders mentioned in the article for fixed rates of 7 % and have taken at 6.5 - 7% fixed or 11.5 - 12% max reducing rates. Again, it depends on how much you need - If you desperately need the money then you can expect high rates of interest !!! and if you aer not so very desperate and work in a reputed company and earn quite a decent sum then they would provide lower rates.
The rate of interest is directly proportional to need for funds. Thats the hard fact.
