Financial news
20/08/2008
A multitude of lenders have increased their interest rates on loans in the last months and as a consequence borrowers intending to take out a new loan face the highest levels of repayments in the last six years, according to financial information website Moneyfacts.co.uk.
"In the last few years the market for personal loans has been extremely competitive as lenders and borrowers alike cashed in on the availability of cheap credit," Michelle Slade, analyst at Moneyfacts.co.uk, commented. "Increased competition pushed prices down and lenders continually undercut each other in order to top best buy tables." more
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