Those looking to get a loan in the UK may find that they are still paying more as rates are continuing to rise.
There are now only seven providers in the UK offering loan with a rate of less that eight per cent, Moneyfacts says.
People wanting to borrow smaller amounts are seeing the biggest increase as a £5,000 loan over three years has an average rate of 11.5 per cent compared to 9.5 per cent last year.
A £25,000 loan over five years has a rate of 8.9 per cent but was 7.7 per cent a year ago.
Moneyfacts said: "Many consumers will be looking to consolidate debts as a way of reducing their outgoings, but the reduction is not going to be anywhere near as much as it once was."
Meanwhile, Australian bank Bendigo has cut its home loan rates after the Reserve Bank of Australia cut the country's cash interest rate by 100 basis points.
Looking for a cheap loan? Fill in our short quote form and compare loans from a panel of lenders. |
0 comments
