UK Money News
28th April 2008
Good value loans still available, says analyst
Borrowers can still secure favourable terms on personal loans if they shop around, a price comparison site has advised.
Since the onset of the credit crunch the personal loans market has been marked by lenders upping repayment rates on their products in a bid to shore up profits and safeguard margins.
This has become even more marked in recent weeks with NatWest, Barclaycard and Lombard Direct increasing their rates on selected products by 2.5 per cent, 0.5 per cent and one per cent respectively.
However, some favourable terms are still available with some lenders having reduced rates since the start of the year, according to Michelle Slade, an analyst with Moneyfacts.co.uk.
She said: "Moneyback Bank, Britannia BS, Yorkshire Bank and Clydesdale Bank have all reduced selected rates since the beginning of the year.
"In fact anyone looking to take out a £5,000 loan with Yorkshire Bank or Clydesdale Bank will have seen rates reduced by as much as seven per cent."
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