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Bank Loan rates rise due to 'financial constraints' faced by banks and customers

Personal loan rates have increased as banks and customers have both had to face financial constraints, it has been claimed.

According to research by Sainsbury's Finance, personal loan rates have increased from 13.2 per cent to 14.3 per cent over the past two years.

Annie Shaw, editor of cashquestions.com, claimed this was unsurprising as banks have had to be more selective on who they lend to.

She said: "They have had constraints on their lending, and other people have perhaps been less keen to borrow from them, because they are trying to pay down debt.

"As a result, margins have become squeezed so it is really not very surprising that rates have gone up."

However, Ms Shaw added that the rates for personal loans are comparatively better value than those charged on other types of loans, such as credit cards.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers ADNFCR-2776-ID-800231463-ADNFCR



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