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the days of cheap loans are gone

Published: 29/08/2009

The Independent (Main)
Are banks, building societies and other lenders ripping people off by charging over the odds for loans and mortgages?

 

Unsecured personal loan rates have soared by 40 per cent over the past five years, climbing from an average 8.71 per cent to 12.27 per cent, according to Moneynet.co.uk. “With the base rate now a mere 0.5 per cent compared with 4.75 per cent five years ago, lenders’ margins have shot up from 3.96 per cent to a staggering 11.77 per cent,” says Andrew Hagger of Moneynet.co.uk.

 

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