UK Money News
2nd April 2008
Personal loan repayment rates up to 11.4%
Repayment rates on personal loans have soared over the last three months, new data shows.
In January, the average repayment rate on a personal loan was 10.62 per cent, according to price comparison site MoneyExpert.com.
However, this has now increased to 11.4 per cent, it is claimed, with banks raising rates in an attempt to safeguard profit margins.
The increase on larger loans is less marked with the cost of a £5,000 up only slightly from 9.76 per cent to 9.93 per cent.
On smaller loans of £2,500, however, the average repayment rate has surged from 9.49 per cent to 10.11 per cent.
Sean Gardner, chief executive at MoneyExpert.com, said that the findings are set to hit those who use loans to manage their finances especially hard.
He commented: "Over 180,000 people consolidate their debts every month, and the vast majority turn to an unsecured personal loan to help them control their finances.
"However lenders are wary of customers' ability to repay what they owe so are becoming increasingly strict when it comes to choosing who they lend money to."
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