Personal loan rates on the increase, research shows

Tue, 07 Oct 2008

Interest rates on personal loans have increased by as much as nine per cent in the last four weeks, figures show.

Research by uSwich.com also reveals the number of unsecured personal loans on the market fell from 56 to 52 over the same period.

Black Horse increased its rate by nine per cent up to 36.9 per cent for personal loans of between £1,000 and £2,999, the highest increase of any provider.

Louise Bond, personal finance manager at the price comparison website, said: "As the news agenda overflows with the global financial meltdown, a plethora of loan rate increases have been implemented in the past four weeks."

Despite this, personal loans with rates less than eight per cent can still be found, so people should make sure they shop around, she added.

Recently, a study by Moneysupermarket.com revealed that 23 per cent of people in their 20s have asked for help from their parents when applying for a personal loan .
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