The cost of personal loans continues to rise despite the recent fall in the Bank of England base rate, according to new figures.
Data issued by price comparison website uSwitch.com reveals that the cheapest loan on offer is 8.2 per cent, four times bigger than the base rate of two per cent.
Two months ago, the best priced personal loan stood at 7.7 per cent, half a percentage point lower than today.
Louise Bond, personal finance manager at uSwitch.com, said: "The current economic climate is still unpredictable and the cuts by the Bank of England are not being felt by people looking to take out a personal loan ."
Six personal loan providers have increased their rates over the last month and this is bad news for those looking to consolidate debts, she added.
Earlier this week, Nationwide announced that it has changed its personal loans pricing system to one which will offer personalised quotes .
According to the firm this means that individuals will get a personal loan quote which represents their circumstances.
Personal loan rates still increase, figures show
Personal loan rates still increase, figures show
Fri, 12 Dec 2008
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