Apply Here For A Loan

Country: UK USA
First Name:
Last Name:
Address:
Phone No:
Date Of Birth:
Mobile No:
Postcode:
Email:
Loan Amount:
Status:
Purpose:
I have read & accept the DPA Statement
  

Personal Loan Rates Could Rise Further

Friday, 29 August, 2008

Moneyback Bank and Alliance and Leicester increase rates by up to 1.1%.

Personal loans could become more expensive following the news that two major lenders have increased their rates, uSwitch has warned.
Moneyback Bank and Alliance and Leicester have both increased their unsecured personal loan rates by up to 1.1% APR.

According to uSwitch, other providers could follow suit and put up their rates rapidly.

Simeon Linstead, Head of Personal Finance at the independent price comparison and switching service, said consumers who are able to secure personal loans can already expect to pay £1.2 billion more in interest than they did this time last year.

"The remaining best buy deals may not be around for much longer so consumers should act now while they can still get some pretty good deals," Linstead remarked.

According to research from uSwitch, the average rate on personal loans of £8,000 over four years now stands at 7.4% APR.

USwitch had earlier revealed that Mortgage lending and unsecured loans are drying up 'by the day'.

Figures show that consumers squeezed by the credit crunch are borrowing less on unsecured personal loans.

It was found that the number of personal loans issued has fallen by 39,338 each quarter over the past year.

In monetary terms, this represents a fall in the amount borrowed of £283 per quarter.

Linstead said, "Our research has confirmed that both mortgage lending and unsecured loans are drying up by the day."

He said that as well as a reduction in the amount of credit being issued by lenders, unsecured personal loans have also become more expensive over the last 12 months, which is further restricting borrowers.

Separate research by uSwitch revealed that rates on unsecured personal loans have increased by 1.3% in just over a year.

However, Linstead added that the market for personal loans is "vast" and consumers can still find competitive deals if they take the time to shop around.

Source : http://www.dofonline.co.uk/

Please be advised that www.badcreditunsecuredpersonalloans.co.uk does not deal in mortgages or remortgages