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Personal loan rates 'higher on small deals'
Consumers seeking personal loans will enjoy a better rate on the deal if they borrow more than £3,000, according to new research.
Figures from MoneyExpert.com have revealed that the average rate on a personal loan up to the value of £3,000 is 19.3 per cent, while the typical rate on a product between £7,000 and £10,000 stands at 10.3 per cent.
It also found that the average rate from mainstream providers is now 14.3 per cent.
Pierre Williams, head of research from MoneyExpert.com, said the study highlights how lenders are "not interested" in those who only want to borrow smaller sums of money.
He added: "The worry must be that many borrowers are being forced to either apply for more money than they need or look to unconventional providers who potentially will charge higher rates."
Recent research by Moneysupermarket.com revealed that the average rate available on the top ten personal loan deals has fallen to 8.35 per cent.