Loan repayment rates hiked by up to 9%
Loan repayment rates hiked by up to 9%
Monday 6th October 2008
Black Horse has recently increased its rates by up to nine per cent on loans of between £1,000 and £2,999 - bringing the APR to 36.9 per cent.
Meanwhile, Bank of Ireland has put its rate up by 1.8 per cent to 8.9 per cent APR, while one per cent increases have been imposed by Bradford & Bingley, Marks & Spencer and Lloyds TSB.
Louise Bond, personal finance manager at uSwitch.com, said: "As the news agenda overflows with the global financial meltdown, a plethora of loan rate increases have been implemented in the past four weeks.
"Lenders have increased unsecured personal loans by as much as nine per cent APR making borrowing even more costly for consumers."
The findings come as the R3 Debt Index recently revealed that 18 per cent of Britons consider their debt levels to be out of control.
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