Consumers told to shop around as rates rise

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Consumers told to shop around as rates rise

Information from comparison websites indicate that lenders are increasing the cost of loans as interest rates rise. During the last month loans from certain banks have risen by up to 10 percent to 26%.
Before the rise a someone borrowing £2,000 over two years could have paid £602 in interest and at the new rate the interest would be about £837, a rise of 32%.
As personal loans become more costly they are also becoming elusive as just about 50 loans are now available which is down from 56 in the last month.
The news comes after the fact that the Bank of England has lowered interest rates by three-quarters of a point to 2% since last September.
The Monetary Policy Committee is to meet with an announcement that a quarter point reduction is imminent this month, whether or not the reduction will be passed on to the consumer, is the question many will be asking.

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