'Act fast' to secure cheap loans
Consumers are being urged to "act fast" in order to secure cheap loans as the recent yo-yoing of rates by Moneyback Bank proves how unpredictable the market is at the moment.
The advice comes from the price comparison site uSwitch.com, which claims Moneyback's decision to cut is personal loan rates offers a "glimmer of hope" for borrowers who are finding it difficult to get hold of affordable credit.The lender made a U-turn and reduced its rates from 8.4 per cent to 7.8 per cent, a move that comes just weeks after it increased them from 7.6 per cent.
Simeon Linstead, head of personal finance at uSwitch.com, said: "Moneyback's three-week rate rebound is symptomatic of just how volatile the credit market is in the current climate."
He advised consumers to compare loans now if they want to secure cheap credit as some of the best buy deals may not be around for long.
His comments come after research from Sainsbury's Finance revealed that more parents are using personal loans to cover the rising cost of school fees.
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