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Personal loan rates on the rise

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Written by:
29/04/2008

Comparison site Moneyfacts says the monthly repayments on personal loans are rising as well as mortgage rates.

Michelle Slade, analyst at Moneyfacts.co.uk, said: “In the last two weeks alone we have seen Barclaycard (0.5%), Lombard Direct (1%), The AA (0.1%), NatWest (2.5%) and Tesco Personal Finance (+0.6%) all push selected rates upwards. On top of this Barclaycard has pulled the one time best buy product offered through its Masterloan brand.

“Since the beginning of the year more than half of lenders offering personal loans have made changes to their rates. Black Horse has increased rates for those looking for smaller loans by as much as 11%, adding £52.68 in additional interest over a year. NatWest has increased rates on the largest loans by 1.5%, adding £1,015 to the total cost.”

Not all lenders have increased rates though, with Britannia Building Society, Moneyback Bank, Yorkshire Bank and Clydesdale Bank all reducing selected rates.

Moneyfacts advises shopping around and not assuming all rates will be available to all customers.

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