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Loans 'on the up'

Consumers looking for quick loans, personal loans or bad credit loans need to look harder for a competitive deal in the current financial climate.

This was the finding of new research from MoneyExpert - which found a recent rise in average repayment rates for unsecured loans.

According to the financial website, the rate has increased from 10.62 per cent in January to a current average of 11.4 per cent.

Even cheap loans are affected - with rates of balances of £2,500 up from 9.49 per cent to 10.11 per cent and for £5,000 loans from 9.76 per cent to 9.93 per cent.

Sean Gardner at MoneyExpert commented: "This should not put you off if you are looking to borrow money - there are still competitive rates out there, particularly for people with good credit records.

"Those in muddier waters can still borrow but may have to pay more than they would have done even three months ago: the best way to ascertain how much you’ll pay is by comparing the market online."

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