Follow on Google News News By Tag * Uswitch * U Switch * Personal Loans * Uswitch Loans * Uswitch Personal Loans * Uswitch Com * More Tags... Industry News News By Location Country(s) Industry News
Follow on Google News | Three Personal Loan Providers up rates by 1.2%Personal loans market shrinks by 37% in the last 12 months as rates go up
By: uSwitch.com As consumers struggle to manage their debts in the current climate, their chances of consolidating to a low cost loan have also been vastly reduced compared to this time last year. There are currently 36 personal loans available to consumers, this is compared to 57 loans that were available this time last year, a drop of 37%. At the same time, the average loan rate has increased from 9.04% to 9.08% in the last year. Providers that have increased rates since the start of September include: 1. Marks and Spencer Money - selected rates increased by 1.2% 2. Egg - GBP3,000 to GBP20,000 increased by 1% to 14.9% 3. Alliance & Leicester - GBP5,000 to GBP7,499 increased by 0.1% to 8.9% and GBP7,500 to GBP15,000 increased by 0.8% to 8.7% However, it seems the trend for offering the best deals to "brand new customers only" does not currently extend to the unsecured personal loans market, with the best deals currently being offered to existing customers. The average interest rate in the Best Buy table for existing customers is currently 7.94%, with Nationwide topping the table with its Existing Customer Personal Loan Plan at 7.7%. However, new customers can expect to be hit with an average interest rate for a Best Buy loan of 8.08%, 0.14% higher. Louise Bond, personal finance expert at uSwitch.com http://www.uswitch.com/ "Last year 1.3 million consumers used an unsecured personal loan for debt consolidation purposes. However, with the number of personal loans available dropping by 37% this year and rejection running high, it would be highly unlikely that a similar number of consumers would be able to consolidate their debts this year. However, for those that are thinking about or attempting to do this, it would definitely be worthwhile finding out what rates existing providers can offer, as it seems loyalty is one of the only aspects that could win consumers better interest rates at the moment." # # # See the full version of this press release here http://www.uswitch.com/ Tracy North, uSwitch.com on 0207 802 2915 or tracynorth@uswitch.com About uSwitch: uSwitch.com is a free, impartial online and telephone-based comparison and switching service, helping consumers compare prices on gas, electricity, water, heating cover, home telephone, broadband, digital television, mobile phones, personal finance products and car insurance. Website: http://www.uswitch.com End
Account Email Address Disclaimer Report Abuse
|
|