Moneyfacts: Loan rates hit seven-year high

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www.moneynews.co.uk > Personal loans > Moneyfacts: Loan rates hit seven-year high

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Moneyfacts: Loan rates hit seven-year high

Loan rates are at the highest they have been for seven years, personal finance website Moneyfacts.co.uk has said.

Noting that the last month has seen "another flurry" of lenders upping the rates on personal loans, the site provided a table to show the cheapest deal for a £5,000 loan - but warned many people going straight to their bank could be paying much more than the lowest £155.27 a month.

The site said that the personal loans market has been very competitive in recent years, which has pushed prices down.

But it said rates could now get higher still and said it was "extremely bad news" for borrowers hoping to consolidate existing debts.

It advised shopping around to compare prices, noting that the difference between lenders for a £5,000 loan can add up to £919.80 over three years.

According to JST Financial, the best good credit personal loans are from the Bank of Scotland and Halifax, which have a 7.8 per cent APR on loans over £7,000.

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