UK Unsecured Personal Loans
Personal loans are about to become more expensive
In the UK unsecured personal loans are about to become more expensive. Experts believe that the recent rise in interest rates is only the beginning, and that rates will rise further in 2004 – possibly by as much as one percent. If you're considering a personal loan, it's worth taking action now.
In the UK unsecured personal loans are available at rock-bottom interest rates, and despite the recent rise in the Bank of England base rate loans are cheaper than they've been for decades. Sadly it seems that nothing lasts forever, and experts predict that rates will rise again in 2004.
In the UK unsecured personal loans are fixed for the life of the loan, so if you borrow today at 6.7% your payments will be fixed at that rate until the loan is repaid. If rates rise in a few months time it won't affect your repayments – but a rate rise will affect any variable rate borrowing such as credit cards, overdrafts and store cards.
With UK unsecured personal loans available from all kinds of lenders, it's a good idea to get rid of your variable rate borrowing before the rates increase. If you don't, you might find that later this year the cost of credit has increased dramatically.
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