For those looking to take a loan of £5,000, the average loan rate at the beginning of the year stood at 7.1%. In April, just a few weeks after the Bank of England cut base rate to its historic low, the average £5,000 loan rate fell slightly to 7.0%, but over the last few months the average rate has been rising and now stands at 7.6%.
A similar picture can be seen with a slightly higher loan of £7,500. Back in January, the average rate on a £7,500 loan was 4.6%, which then fell to 4.3% in April, but has since risen to stand at 4.7% this month.
Across all credit cards, the APR has increased by 0.4% since the beginning of the year. In January, the APR across all credit cards stood at 24.9%, which then increased to 25.2% in April and has risen further to stand at 25.3% this month.
Along with an increase in the APR, the total number of credit cards available on the market has fallen by 24. In January, there were a total of 151 credit cards available. This then fell to 147 in April and has since dropped again, and there are now 127 credit cards available.
There’s a lot more to this story online or check out our personal loan and credit card comparison charts. You can also see which lenders are most likely to accept you for a loan using our loan eligibility service.