Personal loan rates have doubled in little more than 18 months, spelling “far higher” costs for financially squeezed households hoping to borrow money, new data shows.
In early December 2021 – just before official interest rates began their seemingly relentless march upwards – someone with a good credit rating who was looking for a new £5,000 personal loan to be paid back over 36 months would have potentially been able to access best-buy rates starting at 3.3% from companies such as Sainsbury’s Bank and the AA.
