Personal loan rates take a battering

Michelle Slade, Personal Finance Analyst at Moneyfacts.co.uk, comments: “With the disappearance of sub six percentage loans, rates continue to get a battering. This week alone, five providers have increased rates by as much as 1%. Even best buy loan rates, such as Moneyback Bank are rising in line with the market.

“Particularly for higher value loans, those over £5K, there are still some great deals to be found. But when shopping around, you must consider the full cost of the loan, especially if you take the lender’s PPI.”