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News: People looking for a loan 'need to act sooner rather than...
People looking for a loan 'need to act sooner rather than later'
By Sarah Engle, Thu 28 Aug 2008 - Published in Loans
Anyone considering taking out an unsecured personal loan needs to get their skates on, according to uSwitch.
This comes after Alliance & Leicester and Moneyback Bank announced increases to their unsecured personal loan interest rates.
Head of personal finance at uSwitch Simeon Linstead said over the course of seven weeks the average rate for a £10,000 loan over five years has risen from 8.74 per cent APR to 9.14 APR.
People in the UK looking at taking a loan out now could end up paying £1.2 billion more in interest than people who took a loan out this time last year, he stated.
However, he added those who were prepared to compare loans may well find a competitive offer.
"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," he said.
Recently GE Home Money Lending stated people who want to increase their chances of being accepted for a loan should make sure their credit files are up to date, close down any unused credit cards and make use of price comparison websites.