Unsecured loan rates rise

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Unsecured loan rates rise

Despite the Bank of England's decision to cut rates three times over the last six months, average rates on unsecured loans of £5,000 and £7,500 have increased by up to one per cent in the same period, according to new research from MoneyExpert.com.

It found that the average interest rate on a £5,000 loan is now 10.16 per cent, compared to 9.45 per cent in November 2007, while the average rate for a £7,500 loan increased by 0.81 per cent to 8.88 per cent.

In addition, although lenders are still offering deals for under seven per cent on loans, the rates on the most competitive deals have increased from 6.4 per cent last November to around 6.9 per cent.

Sean Gardner, founder of MoneyExpert.com, said: "The unsecured loans market is almost mirroring the mortgage market where the issue is not so much rates but availability - whether or not lenders will let you have the cash."

A recent report from Moneyfacts found that since the beginning of the year, half of lenders providing personal loans have increased their rates.
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