Consumers facing higher loan charges
www.moneynews.co.uk > Personal loans > Consumers facing higher loan charges
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Money News |
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Consumers facing higher loan charges
Thu 7th Jun 2007
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The group has found that consumers are paying on average 1.4 per cent more in interest compared to six months ago on loans of £5,000 or under.
MoneyExpert has also found that rates on loans above £5,000 have displayed a barely perceptible movement in rates.
While a typical loan of £2,500 used to cost 14.13 per cent, the group has found that this has risen to a present average rate of 15.41 per cent, while £3,000 loans have also risen.
Sean Gardner, chief executive of MoneyExpert, said: "The less well-off and those with poor credit records are being stung with higher charges for loans as banks and building societies cash in on rising interest rates."
He added: "It really is the case for the customer that bigger is better when it comes to personal loans. The more you borrow the better the deal you get. The less you borrow the more the lenders cash in."
Related News : Personal loans |
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