Borrowers face higher interest rate shock

According to an article on, borrowers could find they will be charged higher than the advertised rate of interest for a personal loan under new rules.

At present, at least two thirds of successful applicants for loans should get the advertised rate following a promotion.  However, under European rules which came into force in the UK on the 1st of February, this will fall to 51% of successful applicants.

The change of rules comes from the incorporation of the European Consumer Credit Directive into UK law.

Read the full article.

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