Summary
THE cost of personal loans has reached a nine-year high, as lenders stretch profit margins on unsecured lending.
The average rate on a GBP 5,000 loan over three years is now 12.4 per cent, up from 10.8 per cent two years ago and compared with the current base rate of 0.5 per cent. The best rate on the market is 8.9 per cent, according to Moneyfacts - the highest since January 2001, when the base rate was 6 per cent.See the full content of this document
Extract
Cost of Unsecured Loans at Nine-Year High
In January 2007, before the credit crunch, personal loans were available at rates of 5.8 per cent, just 0.55 p...
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