6 October 2008
Rates on unsecured personal loans have rocketed over the last month, according to new research from uSwitch.com. The independent price comparison and switching service revealed that eight providers have put up their rates by an average of 7.85%. Black Horse personal loans have seen the biggest increase at 9%, while Bank of Ireland, Bradford & Bingley, Lloyds TSB, Marks and Spencer, Barclaycard, Asda and Sainsbury's Finance have also put up their rates in the last four weeks. Louise Bond, Personal Finance Manager at uSwitch.com, said: "Personal loan best buys are changing every day which demonstrates just how unpredictable and volatile the current climate really is." She advised consumers looking for personal loans to shop around as there are still some good deals available. The Bank of England's latest credit conditions survey revealed that the number of people defaulting on unsecured personal loans in the third quarter of this year was higher than anticipated.
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