Loans - From unsecured personal loans to secured loans, our loans search engine will help you search, compare loans and find the cheapest deals to save you money.

Print
Personal Loan rates above 7%

Article Published: 3/7/2008

Anyone looking for a personal loan can no longer find rates of less than 7%. Yourpersonalloan.co.uk, which is funded by The Co-operative Bank, has increased its rate from 6.9% to 7.3%. Back in June 2006 rates as low as 5.6% were on offer and even this time last year rates as low as 6.1% could be found.

Today the lowest rate on offer is from The AA on its telephone loan at 7.2%. A personal loan of £10K over five years would now cost a consumer £423 more over the term of the loan than it would have two years ago.

Article continues below down arrow

Just like with mortgages, lenders are struggling to raise funds to lend out to consumers.As a result this increase is being passed on through the APR offered. With many lenders offering typical rates or personal pricing, it is likely that many customers are being offered a much higher rate.

At a time when costs across the board are increasing, this will be more unwelcome news for consumers. The demand for personal loans is likely to be increasing as more households look to consolidate existing debts. Lenders are tightening criteria and those that can get a loan are finding they have to pay a much higher price.


Create a bookmark to 'Personal Loan rates above 7%' at del.icio.usDigg 'Personal Loan rates above 7%'Seed 'Personal Loan rates above 7%' on NewsvinePost 'Personal Loan rates above 7%' on NowPublicPost 'Personal Loan rates above 7%' on Reddit

Other Articles:

Latest Articles

10 bad financial habits you really ought to break

Most of us have got bad habits - it's part of being human. But with the price of everything from crude oil to a loaf of bread rocketing skywards, poor money management shouldn't be one of them.

Loan Rates Increase Again

Family finances continue to be stretched, causing many to consider consolidating existing debts into one loan as a means of reducing monthly outgoings. Borrowers, however, will find that the reduction may not be as great as expected.

More Articles
© 2008 Moneyfacts Group plc. All Rights Reserved. Use of this Web site constitutes acceptance of the Company's General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no 04063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich NR1 1BJ. Data Protection Register number Z747225X. The Moneyfacts.co.uk logo, Moneyfacts and Money£acts are Registered Trade Marks. 1570
None of the information contained in this website constitutes, nor should be construed as Financial Advice.