Moneyback Bank 'uses yo-yo strategy', says uSwitch

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www.moneynews.co.uk > Personal loans > Moneyback Bank 'uses yo-yo strategy', says uSwitch

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Moneyback Bank 'uses yo-yo strategy', says uSwitch

The tactic used by Moneyback Bank regarding loan rates has been described as a "yo-yo strategy" by price comparison and switching service uSwitch.

It noted that Moneyback Bank has lowered its rates for unsecured personal loans between £7,500 and £15,000 from 8.4 per cent to 7.8 per cent.

While this offers consumers a "glimmer of hope", uSwitch noted that the bank increased its loan rates from 7.6 per cent to 8.4 per cent by the end of August.

According to uSwitch, this represents a "complete U-turn by Moneyback in a very short space of time" and is a "yo-yo strategy".

Earlier this month, uSwitch warned that 3.4 million credit card customers in the UK could take up to 31 years to repay their credit card balance if only the minimum payment was made each month.

It warned about the rising costs credit holders have to meet the longer they take to repay their outstanding debt.

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