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Loan Interest Rates at Decade High

Personal_Finance / Debt & Loans May 23, 2011 - 07:34 AM GMT

By: MoneyFacts

Personal_Finance

Best Financial Markets Analysis ArticleThe average personal loan rate has hit its highest level for more than a decade.

Today the average rate on a £5,000 loan stands at 12.7%, the highest level since May 2000.


Date

Average Loan Rate (£5,000)

May 2011

12.7%

May 2010

12.3%

May 2009

12.1%

May 2008

10.3%

May 2007

8.6%

May 2006

7.8%

May 2005

8.0%

May 2004

8.2%

May 2003

9.8%

May 2002

11.2%

May 2001

11.9%

May 2000

13.1%

Source: Moneyfacts.co.uk 23.5.11

Michelle Slade, spokesperson for Moneyfacts.co.uk, commented:

“Unlike on a mortgage, there is no security a personal loan debt will be repaid.

“In a market where household finances are being stretched the risk of customers not repaying the loan increases and this is passed onto customers through higher loan rates.

“A few years ago lenders offset low loan rates by recouping revenue through payment protection insurance, but recent judgements mean this is no longer possible.

“Advertised representative loan rates only have to be offered to half of successful applicants, so some customers could find they are offered higher rates than those shown.

“With £1,194 difference between the cheapest and most expensive £5,000 loan, shopping around is key.

“However, borrowers need to be wary of making multiple applications as this will reduce their chances of being accepted.  

“Most people’s first port of call for a loan is their bank, but in most cases this is far from the cheapest option.

“The price war between supermarkets isn’t just on groceries, it has spilled over into the personal finance market.

“On nearly all loan amounts the supermarkets have the most competitive rates.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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