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Average cost of borrowing on loans and credit cards edges higher
Image of Rhiannon Philps

Rhiannon Philps

Content Writer
Published: 28/03/2024

Elsewhere, there are fewer credit card and personal loan providers compared to December 2023.

 

Between the start of December 2023 and the start of March 2024, the average annual percentage rate (APR) on unsecured loans increased across all loan tiers below £50,000, according to data from the Moneyfacts UK Unsecured Lending Trends Treasury Report.

The average rate on £5,000 loans with a three-year term is now at 11.5%, the highest it’s been in over 10 years.

Meanwhile, the average purchase APR on credit cards also inched higher to 34.7%, up from 30.7% one year ago.

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