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TIDE TURNS FOR LOANS

ABOVE: Recent cuts by Nationwide, Halifax and Tesco mean the average rate on a £7,500 loan is 8.35%

26th January 2010

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DESPITE the Bank of England cutting base rates dramatically since 2008, interest on personal loans has been soaring...until now.

Recent cuts by Nationwide, Halifax, Alliance & Leicester, Sainsbury’s and Tesco mean the average rate on a £7,500 loan is 8.35%.

While other products like mortgages and savings interest have dropped, loans have been artificially high. T

im Moss, of moneysuper market.com, said: “Despite the cut in rates many lenders are still restricting loans to existing current account customers.”

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