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Figures from April this year have shown that interest rates have soared for those taking out small personal loans. If someone was borrowing £5,000 the interest rate would be 15.58%, a jump of 2.2% – the largest change month to month since records began in 2005.
Loans weren’t the only service that saw an increase in percentages, credit cards rates also raised from 16.6% to 16.73% – their highest level since 2002. Overdraft rates have dropped by a miniscule amount, falling from 19.1% to 19.08%.
Financial information group Moneyfacts.co.uk puts the interest rates rise down to a focus on the market, by lenders, hoping for larger advances. Higher sums are more likely to garner better rates of interest from banks and building societies, for example someone wanting to borrow only £5,000 could be looking at higher interest of anything up to 21%. Spokeswoman for the website, Michelle Slade admitted that lenders were looking for loans of £7,500 or more, and were putting their rates up in other areas as an incentive to customers. Interest rates for loans over £10,000 had dropped for the fourth month in a row, to 9.01%, affected by a more competitive market for lower sums. Payday loans give you a quick credit with no complications.
Ms Slade also pointed to lenders changing the cost of new rules introduced from the start of 2011, as a reason for the rise in credit card interest rates. The regulations state that the companies must use the monthly payments from the borrowers to cover the most expensive debt instalments first. Turn to quick loans uk for instant credit.
A large number of companies offering credit cards have increased their rates this year, Moneyfacts.co.uk claim that the numbers have reached the highest they have been in thirteen years. Unfortunately for customers the interest rates are not likely to improve any time in the near future, but it’s not all doom and gloom for savers – returns paid on fixed rate bonds grew to 2.82%, their healthiest showing since September 2009.

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