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Personal loan market 'has transformed'
The UK market for personal loans has changed "beyond all recognition" in the past year or so, according to an expert.
Tim Moss, head of loans at Moneysupermarket.com, said that the past few months have seen rates in the area rise considerably, meaning it is now more economical for consumers to borrow larger amounts.
He added that lenders have tightened up their criteria, which may impact on which firms consumers choose to approach.
"Many lenders have closed their books completely to consumers looking for a loan while others will only accept customers who have existing banking relationships," he explained.
"The last twelve months has not been kind to borrowers looking for a loan and there is little sign of this changing in the near future."
Moneysupermarket.com recently suggested that consumers could give their finances a spring clean by switching to the best personal loan, credit card and mortgage deals on the market.