Personal loan rates hit 7-year high
Updated on 18 August 2008
Personal loan rates have hit a seven-year high as lenders continue to hike the cost of the deals in the face of the credit crunch.
Financial information group Moneyfacts.co.uk said the best personal loan rate currently available for someone borrowing £5,000 over three years was 7.6%.
It said this was the highest best buy rate since 2001, and well up on a leading rate of 6.3% in August last year and a recent low of 5.6% in August 2006.
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