Moneysupermarket.com: Personal loans becoming more expensive
www.moneynews.co.uk > Personal loans > Moneysupermarket.com: Personal loans becoming more expensive
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Money News |
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Moneysupermarket.com: Personal loans becoming more expensive
Fri 28th Nov 2008
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According to the price comparison site, the rate of interest on personal loans has increased to almost double the base rate since September this year.
Borrowers choosing personal loans could now face paying interest rates of 8.46 per cent on average, which is more than five per cent above the Bank of England rate.
Tim Moss, head of loans at moneysupermarket.com, said: "Loan costs are often overlooked in the frenzy of a base rate cut, when the focus is on the impact of any rate movement on mortgage payments and savings rates."
He added that personal loan rates appeared to be completely unrelated to the base rate of interest.
Earlier this month the Bank of England cut the base rate of interest by 1.5 per cent, the largest ever cut since the bank was made independent of the government in 1997.
Click here for more personal loans news
Related News : Personal loans |
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