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Tuesday 20th May 2008
Borrowers seeking loans of £5,000 and £7,500 are being hit by higher repayment rates, as lenders shore up their lending criteria.
Research conducted by MoneyExpert.com found that over the last six months, the average rate charged on a loan of £5,000 has risen from 9.45 per cent to 10.16 per cent.
Meanwhile, the rate on a loan of £7,500 has edged up from 7.97 per cent to 8.88 per cent.
Sean Gardner at MoneyExpert said the increase can be attributed to the reduced willingness of loan providers to lend money in the face of the credit crunch.
He commented: "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."
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