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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Friday 14th March 2008
The cost of borrowing has soared in the last year as the days of cheap credit seem to have come to an end, new research has shown.
Data conducted by price comparison site Moneyfacts.co.uk found that unsecured personal loans for small amounts have been subject to the most pronounced increases, with the cost of a loan of £1,000 surging by 4.1 per cent in the last year.
The rise has brought the average interest rate charged on a loan of this sum to 18.5 per cent - up from 14.4 per cent in March 2007.
However, many providers are charging much more, in particular Black Horse, which offers a £1,000 loan with an interest rate of 27.9 per cent.
Michelle Slade, an analyst with Moneyfacts.co.uk, said: "Anyone looking to take out a loan in 2008 is going to find themselves faced with having to shell out more by way of monthly repayments than they would have done over the last couple of years.
"The ongoing credit crisis has seen institutions concentrating on getting money in the door and becoming more expensive and selective when lending money out."
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