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Loans Rates Becoming 'less Attractive' |
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(1st July 2008)
A new study has indicated that there are now no personal loans available with a rate under seven per cent.
Moneyfacts.co.uk reports that in June 2006, borrowers could find rates of 5.6 per cent, while this time last year there were products with a rate of 6.1 per cent available.
The firm notes that for a £10,000 personal loan over five years, borrowers can now expect to pay £423 more than they would have in 2006.
Moneyfacts.co.uk comments: "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."
According to the firm, now the lowest rate available on the market is the 7.2 per cent offered by the AA on its telephone loan.
David Kuo, head of personal finance at Fool.co.uk, recently said that people ought to avoid secured loans, as their homes could be "put at risk".
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News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance |
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