uSwitch.com: Loan rates increasing

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uSwitch.com: Loan rates increasing

Loan rates are still going up for consumers, comparison and switching website uSwitch.com has found.

According to its research, eight providers upped their rates for unsecured personal loans in the last month by as much as nine per cent and now two more have followed suit.

Direct Line and Mint were named as the two providers which have made increases in the last week.

Direct Line's annual percentage rate (APR) has gone up by 4.8 per cent for loans of £5,000 to £7,499 and rates have also increased for loans of up to £25,000.

Mint's rate for a £5,000 to £7,499 loan has also risen by 4.8 per cent and rates have become higher for its larger loans too.

Last week, uSwitch calculated that British consumers were racking up an interest bill of £161 million by using credit cards to withdraw cash.

The average APR for credit cards was found to have risen by 41 per cent since 2005, going from 21.22 per cent to 29.97 per cent.

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