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Loan borrowers hit by rising loan rates

Written by Bernard Kayden
Monday, 30 June 2008
Loan borrowing is going to be dearer in the UK market but if you are looking for borrowing more, you may still get it cheap.<br><br> London (Online-Unsecured-loans) June 30, 2008: The loan borrowings in the UK market are slated to be more dearer but the borrowers looking for more borrowings may find themselves lucky by getting low rate loans. It has been noticed that the average rates on unsecured loans up to £5,000 and £7,500 have seen an increase by up to 1 % in the last six months. This rise in the average rates is despite the cutting of rates by almost three times by the Bank Of England as per a research from website MoneyExpert.com. The UK loan market has seen a marginal rise in the average rate from 9.4475% in November 2007 to 10.16% today on a loan of £5,000. On the other hand, the average rate on a £7,500 loan has rose from 7.97% to 8.88% for the same time period. The £10,000 loan can however be availed by the Britons at an average rate of 7.3% and 7.4% from Barclaycard and Tesco Personal Finance, respectively. Some of the UK financial institutions are still offering loans lower than 7% - for example, a loan borrower can take a loan of £5,000 on an average rate of 6.9% from Yourpersonalloan.co.uk. But overall, the competitive loan deals have seen an increase from 6.4% to 6.9% from November 2007 to now. It was noticed that close to 1.38 million loan applications were turned down by the lenders in the last six months due to the stringent loan criteria. The news of Black Horse, a leading name in the world of UK loans, offering loans at a staggering rate of 11% has only worsened the situation further. As per Sean Gardner, founder of MoneyExpert.com, “The Bank of England has a battle on its hands to restore confidence in the credit markets when lenders react to three rate cuts totalling 0.75% by actually increasing rates.” For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.online-unsecured-loans.co.uk/ Bookmark with: Delicious Digg reddit Facebook StumbleUpon What are these?

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