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Go for a bigger unsecured amount
11 June’2007 (go4ukloans.co.uk) London:
According to latest findings, consumers looking for unsecured loan are benefited if they borrow a large amount. The APR on smaller unsecured loans has increased at a much quicker pace in comparison to loans that have greater value. For instance, APR on a £1,000 loan has gone up from 14.63 per cent in November’ 2006 to 16.1 per cent now.On a greater scale, a £3,000 personal loan now has an APR of 13.8 per cent compared to 12.35. Conversely, the APR for a £5,000 loan came down from 8.74 per cent to 8.62 per cent. Chief executive of MoneyExpert.com, Sean Gardner, surmised: "Lenders have kept rates down on larger loans despite Bank of England increases while pushing up rates on smaller amounts." He further suggested that "those looking for modest loans are seen as small fry". However, he believes that consumers at the lower end of the market could still avail very good deals.
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