Rates on Unsecured loans at their highest for a decade

New research and data suggests that the cost of repaying an unsecured loan is higher now than at any point in the last 10 years

A decade ago the Bank of England base rate sat at around 5.5% with the typical loan rate coming in around 10%, today we see a typical loan rate of 9% but the base rate today is a mere 0.50%

There is no doubt that with the fallout from the economic downturn we are seeing lenders and banks being more and more wary about who they lend to, saving their lowest rates for the most credit worth of us.

The same rules still apply though, make sure all of your credit is up to date, get a copy of your credit report to smooth over any cracks and be open and honest with the provider when making any application. It's worth employing the help of a reputable broker to help cut through the noise and get you to the best loan rate without a multitude of credit checks.

Click here for your free unsecured loan quote.