28 March 2008
Recent economic conditions have meant that the rates on unsecured personal loans have increased, Neeanadvisor.com has claimed.
Director at the firm Jo Roberts stated that lenders are "scared" of the credit crunch and this is trickling down into smaller unsecured products.
Because of the risks involved with such products, she asserted, rates are put up so that it is "worth while" for them to be given out.
And because many economies are still in the same position that they have been recently, rates on these loans are likely to rise for about a year, she contended.
"Everybody is very nervous of the financial news that comes in from across the world, especially from America. There is a lot of knee jerk reaction going on, but it will settle down. It always does," she added in an attempt to reassure consumers.
Recent research carried out by Halifax Unsecured Personal Loans suggested that customers want to remain dedicated to the repayment of their credit.
© 2008 Adfero Ltd
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