Loan rates `up as much as 44% in two years`
13 June 2009
Financial information group Moneyfacts has claimed that personal loan rates have risen significantly over the past two years, despite a series of base rate cuts.
The group claims that average unsecured loan rates have risen by up to 44% since May 2007.
It cited the example of a £5,000 loan, for which the average interest rate would currently be 12.4% - up from an average 8.6% in May 2007.
A loans expert for Think Money commented: "It`s true that loan rates have risen in recent years, but there are things borrowers can do to get their costs down as much as possible.
"In particular, anyone looking to take out a loan should speak with an expert loans adviser, who could help them to find the best loan deal for their circumstances."
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Tags: loan, loans, loan rates, interest rates, loan interest rates, unsecured loan interest rates, getting a loan, Moneyfacts, UK
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