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Needanadviser.com detects loans costs rise

Repayment rates of small unsecured loans have increased in recent months, Needanadviser.com claimed yesterday.

Director at the financial advice website, Jo Roberts, also said that the credit crunch was to blame for these rate rises.

Since the beginning of the financial crisis last year, nervous banks and other high street lenders have markedly tightened lending criteria - meaning that it has become harder overall to secure credit.

With Britons owing a total of around £1.4 trillion, according to charity Credit Action, it has been suggested that the days of cheap credit are over.

The advisor commented: "The trend is for lenders to put their rates up so it makes it worth while for them [to risk lending the money].

"This is all the result of the credit problems going on in the world at the moment [and] it will continue for at least the next 12 months because the economies are not stabilising."

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