UK Money News
20th May 2008
Brits hit by higher loan repayments
British borrowers are being forced to pay higher rates to borrow money from lenders, new research has shown.
According to research conducted by price comparison site, MoneyExpert.com, the rate charged on a personal loan of £5,000 now stands at 10.16 per cent, compared with 9.45 pent in November 2007.
Meanwhile, lenders are now typically charging a rate of 8.88 per cent on loans of £7,500 - up from 7.07 per cent.
Sean Gardner at MoneyExpert said: "The Bank of England has a battle on its hands to restore confidence in the credit markets when lenders react to three rate cuts totalling 0.75 per cent by actually increasing rates.
"The unsecured loans market is almost mirroring the mortgage market where the issue is not so much rates but availability - whether or not lenders will let you have the cash."
The site's research also discovered that 1.38 million applications from customers for a loan have been turned down over the last six months - a phenomenon it attributed to the tightening of lending criteria on the part of lenders.
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