uSwitch.com: Personal loans are becoming more expensive
www.moneynews.co.uk > Personal loans > uSwitch.com: Personal loans are becoming more expensive
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uSwitch.com: Personal loans are becoming more expensive
Thu 11th Dec 2008
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The price comparison website reported that six months ago, 23 per cent of loans on offer had interest rates of under eight per cent, whereas currently the lowest available rate is 8.2 per cent.
On average, interest rates have risen across the board by 0.13 per cent, despite the Bank of England's recent cuts in the base rate of interest.
Louise Bond, personal finance manager at uSwitch.com, said: "We have already seen six loan providers increasing rates over the last month by as much as two per cent.
"This has marked the death of the sub-eight per cent best-buy loan era which is really bad news for consumers trying to consolidate debts."
Earlier this month the Bank of England cut the base rate of interest to two per cent, a move aimed at enabling banks to reduce the interest rates charged on their loans and mortgages.
Click here for more loans news
Related News : Personal loans |
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Related News : Loans |
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