Personal loan rates on the up
15/03/08
According to new research, interest rates on personal loans have increased.
Moneyfacts.co.uk reports that the average rate for a loan is now 4.6 per cent higher than this time last year.
Moneyfacts.co.uk also report that small personal loans have increased the most over the last year with the highest rate now which is 27.9 percent compared to 19.9 per cent.
Michelle Slade, analyst at Moneyfacts.co.uk, said: "Anyone looking to take out a loan in 2008 is going to find themselves faced with having to shell out more by way of monthly repayments than they would have done over the last couple of years."
She also commented that the recent credit crunch is responsible for banks and building societies increasing their rates on loans.
