Subscribe!PPI crackdown could push prime loan rates into double figures
Speculation has increased that best-buy loan rates could hit double figures before the adobe photoshop cs5 download in media fire end of the year if a crackdown on payment protection insurance (PPI) goes ahead as planned.
Currently the adobe photoshop cs5 download in media fire best rates for unsecured personal loans start at just under 6%, but rates have adobe photoshop cs5 download in media fire been rising in recent weeks following the Bank of England’s three bank rate rises since August (see our related story here windows vista recovery disc).
Financial data specialists Moneyfacts cheap internet protection software warned that adobe photoshop cs5 download in media fire a clampdown on lenders selling PPI with their loans products could see rates rise to adobe photoshop cs5 download in media fire at least 10%.
Margins on personal loans are adobe photoshop cs5 download in media fire notoriously low and lenders struggle to make a profit on the adobe photoshop cs5 download in media fire main product. Instead, they make their money on the lucrative insurance policies they sell along with the adobe photoshop cs5 download in media fire loans.
Moneyfacts personal finance analyst Michelle Slade said: “With the adobe photoshop cs5 download in media fire Office of Fair Trading due to review PPI later this year, if lenders are adobe photoshop cs5 download in media fire forced to lower the cost of their PPI cover and revert to adobe photoshop cs5 download in media fire a ‘pay as you go’ type policy rather than adobe photoshop cs5 download in media fire a single premium, we could potentially see best buy loan interest rates reaching double figures before the adobe photoshop cs5 download in media fire end of 2007.”
Many of the adobe photoshop cs5 download in media fire best loan deals have disappeared since the beginning of the adobe photoshop cs5 download in media fire year. Northern Rock, for example, has increased its rate from adobe photoshop cs5 download in media fire 5.8% to 6.5%.
Slade added: “Our research shows that on a loan of £5,000 over three years, only four providers now offer rates below 6%, with more than 40% of the market charging in excess of 8%, and 16% charge over 10%.
With a difference of 14.8% APR between the adobe photoshop cs5 download in media fire most and least competitive rates, shopping around for the best deal is adobe photoshop cs5 download in media fire an absolute must.”
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