There has been a rise in the rates charged on personal loans over the past two years, latest figures from Defaqto show.
Since 2009, the group found that the average annual percentage rate for loans of £10,000 has increased from 9.8 per cent in 2009 to 11.2 per cent in the present day.
During this period, however, the most favourable rate for this loan amount has reduced from 7.8 per cent to 6.3 per cent.
David Black, Defaqto's insight analyst for banking, commented: "This demonstrates that if people are proactive and prepared do their homework when looking for a loan, they could save themselves a substantial sum of money."
He urged consumers to realise that in some cases, providers will only lend to existing current account customers and that their credit rating will have an impact on whether or not they can get a loan. |
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