Loans rates up 9% in 28 days

Rates on unsecured personal loans have gone up by as much as nine per cent in the last 28 days, according to new research from uSwitch.

The price comparison and switching service reports that eight providers have upped their rates while the number of loans available has dropped from 56 to 52.

Black Horse, Bank of Ireland, Bradford & Bingley, Lloyds TSB and Marks and Spencer were all found to have increased their rates, with Black Horse having raised its by as much as nine per cent. Barclaycard, Asda and Sainsbury's have also upped theirs.

Louise Bond, personal finance manager at uSwitch, said: "Personal loan 'best buys' are changing every day which demonstrates just how unpredictable and volatile the current climate really is."

Last month, uSwitch reported that Moneyback Bank had provided a "glimmer of hope" by lowering its unsecured personal loan rates.

Source: www.moneynews.co.uk