Personal loans rates are rising with the average loan rate now up to 9.07%.
According to uSwitch.com, 7 personal loan providers have raised their interest rates over the last 4 weeks:
- Bradford and Bingley
- Cumberland Building Society
- Furness Building Society
- Smile
- Co-Operative Bank
- Cheshire Bank
- Stroud and Swindon
You can still get some great personal loans deals but clearly the trend on interest rates is up.
There is a growing trend for the loans providers to target their existing customers and offer them better rates than new customers.
Personal finance expert at uSwitch.com, Louise Bond, said ‘At the moment, loyalty really is king and many consumers could find a preferential loan rate with their existing provider.’
Nine providers are currently offering better deals for their existing customers, including Barclays, Nationwide, Sainsbury’s and Tesco.
