Moneyfacts: Loan rates soaring
www.moneynews.co.uk > Loans > Moneyfacts: Loan rates soaring
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Money News |
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Moneyfacts: Loan rates soaring
Fri 10th Oct 2008
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According to its research, just seven providers now offer rates of less than eight per cent and the number is continuing to fall.
Moneyfacts.co.uk cited yourpersonalloan.co.uk as offering the lowest rate currently available, which is 7.6 per cent for loans between £5,000 and £25,000.
But this is available only to homeowners.
A spokesperson warned that for people looking to reduce their outgoings by consolidating their debts, the reduction "is not going to be anywhere near as much as it once was".
On a £10,000 personal loan with a five-year term, the repayment of the least and most expensive loans is £33.60 a month, meaning consumers could end up repaying £2,016 more than necessary.
Earlier this week, Moneyfacts.co.uk reported that moves are being made to deter savers looking to benefit from the 100 per cent government guarantee.
It said that Northern Rock has withdrawn more of its savings products while National Savings and Investments has reduced its rates.
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