The simultaneous contracts could be arranged to replicate any agreed interest rate while providing legal protection against default on one side and loan sharking on the other.

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At Prosper and Lending Club, lenders must be willing to take the gamble that they'll get paid back at the agreed upon interest rate. (These companies offer no guarantees).

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At the mercy of the banks, DeWelt agreed to a two-point increase in the interest rate, to 7.75% on its revolving line of credit borrowings and 6.93% on its term loan.

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Last week, the Financial Services Authority announced that all of the big four High Street banks had agreed to start a complete review of all such interest rate products sold to unsophisticated business clients.

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The chancellor agreed with Mr King's assessment of inflationary risks and outlook, which some analysts said suggested that an interest rate cut may still be some way off.

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