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Moneyfacts pick of the week
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James Hyde

Press & PR Manager
Published: 23/05/2024

Last updated: 23 May 2024 at 10:00

The Moneyfactscompare.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market, ranging from mortgages to savings accounts. This week I've analysed the following deals, along with their perks.

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Average cost of borrowing on loans and credit cards edges higher
The average APR on unsecured loans and credit cards rose in the first three months of 2024, while the number of lenders and card providers fell.
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Revealed: Winners of the Moneyfacts Consumer Awards 2024
Financial professionals from across the industry gathered at the Royal Lancaster London to hear Tim Vine reveal the results.
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Borrowing costs on the rise
According to our latest data trends at Moneyfacts , the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month. The average rate on a £10,000 loan has also risen and now stands at its highest point in over 10 years.
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Average unsecured loan rates highest in six years
The average rate for a £7,500 unsecured loan for five years stands at 5.6%, its highest point in over six years. This was in January 2016, when this figure stood at 5.7%.
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Recent News

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Second charge lending continues to increase in popularity

5th July 2022

Consumers used over £155 million in second charge lending during March, registering a month-on-month increase in value of over 12%. This is according to the latest research from Loans Warehouse, our preferred loans broker, which also found that lending in the first quarter of the year was up by more than 82% when compared to the same period in 2021.

Consumers used over £155 million in second charge lending during March, registering a month-on-month increase in value of over 12%.

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Loan rates rise to six year high, but 0% cards improve

27th June 2022

The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure. Meanwhile, the biggest trend noted across the credit card market has been a rise in the average length of introductory 0% balance transfer offers.

The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure.

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Could an air source heat pump help combat the rising cost of living?

29th April 2022

In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?

Homeowners are increasingly looking for ways to lower their energy costs – one option that’s growing in popularity is installing an air source heat pump.

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Loan rates fall as demand for home improvements rise

25th April 2022

Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research. In particular, loan rates have fallen on small sums – on a borrowing amount of £3,000 over a three-year repayment period, the average loan rate is down from 14.6% a year ago to 14.3% today. A recent survey from Direct Line revealed 50% of consumers they surveyed wanted to renovate to gain extra space. Loft conversions can be a popular way to maximise living space, and insulation can cost £2,750, according to research by estate and letting agents Barrows and Forrester.

Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research.

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Could an air source heat pump help combat the rising cost of living?

29th April 2022

In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?

Homeowners are increasingly looking for ways to lower their energy costs – one option that’s growing in popularity is installing an air source heat pump.

Read More
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Moneyfacts pick of the week

23rd May 2024

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

This week's selection includes a recently relaunched notice savings account and a new two-year fixed mortgage rate from Leeds BS.

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Revealed: Winners of the Moneyfacts Consumer Awards 2024

8th February 2024

Financial professionals from across the industry gathered at the Royal Lancaster London to hear Tim Vine reveal the results.

Financial professionals from across the industry gathered at the Royal Lancaster London to hear Tim Vine reveal the results.

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Demand for cars returns, used car loans and new car registrations up on last year

7th August 2020

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Average unsecured loan rates highest in six years

26th September 2022

The average rate for a £7,500 unsecured loan for five years stands at 5.6%, its highest point in over six years. This was in January 2016, when this figure stood at 5.7%.

The average rate for a £7,500 unsecured loan for five years stands at 5.6%, its highest point in over six years.

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Borrowing rates 2020 – what are the lowest personal loan and credit card rates?

6th August 2020

Today it was announced that the Bank of England has held base rate at 0.1%. While this may seem like good news for consumers looking to borrow money, our research has found that over the last few months, interest rates on loans and credit cards have increased

Here we’ve looked at what has been happening to personal loan and credit card rates since the beginning of 2020 and highlight some of the lowest rates available

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Coronavirus dries up lending – what to do if you need a loan right now

24th September 2020

Since April getting accepted for a personal loan has become significantly harder as lenders restricted lending to protect themselves from the risk of rising unemployment and a worsening economy due to the Coronavirus pandemic.

Since April getting accepted for a personal loan has become significantly harder as lenders restricted lending to protect themselves from the risk of rising une

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How would a base rate rise impact your finances?

21st October 2021

Many finance experts are predicting that the Bank of England will increase base rate in the coming months to help tackle rising inflation

Many finance experts are predicting that the Bank of England will increase base rate in the coming months to help tackle rising inflation

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Tesco Bank reduces personal loan rate

21st March 2019

Today there have been a number of notable changes to personal loan rates, with both reductions and increases seen across a number of brands...

Today there have been a number of notable changes to personal loan rates, with both reductions and increases seen across a number of brands...

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Borrowing costs on the rise

28th September 2023

According to our latest data trends at Moneyfacts , the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month. The average rate on a £10,000 loan has also risen and now stands at its highest point in over 10 years.

Latest data trends at Moneyfacts found the average credit card purchase APR (which includes card fees) rose to an all-time high of 31.8% APR this month.

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The best personal loan rates available to consumers

28th July 2021

Consumers looking to take out a personal loan will be pleased with the latest research showing that average rates on £5,000 and £7,500 personal loans have fallen since the start of the year

Consumers looking to take out a personal loan will be pleased with the latest research showing that average rates on £5,000 and £7,500 personal loans have

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Should I use a bridging loan to get stamp duty saving?

22nd December 2020

The stamp duty holiday is set to come to an end 31 March 2021. We explain the faster alternatives to access finance to buy a property before the deadline.

The stamp duty holiday is set to come to an end 31 March 2021. We explain the faster alternatives to access finance to buy a property before the deadline.

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What would the average garden makeover cost you?

16th April 2022

If you are looking to give your garden a complete makeover this holiday it could cost you between £5,000 and £10,000, according to Checkatrade, a directory for tradespeople. This cost is based on a “transformational project”, which typically requires more work than just restyling a specific area of your garden. It is also based on a project for a large rear garden of 100 metres squared.

If you are looking to give your garden a complete makeover this holiday it could cost you between £5,000 and £10,000, according to Checkatrade.

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Loan rates fall as demand for home improvements rise

25th April 2022

Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research. In particular, loan rates have fallen on small sums – on a borrowing amount of £3,000 over a three-year repayment period, the average loan rate is down from 14.6% a year ago to 14.3% today. A recent survey from Direct Line revealed 50% of consumers they surveyed wanted to renovate to gain extra space. Loft conversions can be a popular way to maximise living space, and insulation can cost £2,750, according to research by estate and letting agents Barrows and Forrester.

Borrowers looking to make home improvements will find the average cost of an unsecured personal loan has fallen year-on-year, according to the latest research.

Read More
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Loan rates rise as pandemic hits struggling households the hardest

10th June 2020

With the economic uncertainty brought on by the Coronavirus pandemic, many consumers have been looking at consolidating their debt to help get a hold of their personal finances

Many consumers have been looking at consolidating their debts

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More borrowers accepted for secured loans in the UK in March 2021

15th April 2021

The Secured Loans Index has revealed a 31% increase in secured lending in March 2021 compared to the previous month.

The Secured Loans Index has revealed a 31% increase in secured lending in March 2021 compared to the previous month.

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Loan rates rise to six year high, but 0% cards improve

27th June 2022

The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure. Meanwhile, the biggest trend noted across the credit card market has been a rise in the average length of introductory 0% balance transfer offers.

The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure.

Read More
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Bridging lending increases as buyer demand outstrips supply

28th May 2021

The entire UK property market is currently seeing huge demand from buyers as a result there has been more demand for bridging loans, mortgages and secured loans.

The Uk property market is currently seeing huge demand from buyers.

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Borrowers could be paying over double

8th February 2019

When determining how much interest to charge borrowers, a lender will look at a number of different factors, including the borrower’s credit rating. To help find the best deal, here are some tips borrowers could consider.

When determining how much interest to charge borrowers, a lender will look at a number of different factors, including the borrower’s credit rating. To help...

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How to fund a buy-to-let renovation

30th November 2021

Landlords have a responsibility to ensure that their properties meet the Government’s health and safety requirements, as well as being at a good standard to attract renters

Landlords have a responsibility to ensure that their properties meet the Government’s health and safety requirements

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Second charge lending continues to increase in popularity

5th July 2022

Consumers used over £155 million in second charge lending during March, registering a month-on-month increase in value of over 12%. This is according to the latest research from Loans Warehouse, our preferred loans broker, which also found that lending in the first quarter of the year was up by more than 82% when compared to the same period in 2021.

Consumers used over £155 million in second charge lending during March, registering a month-on-month increase in value of over 12%.

Read More
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New year, new loan?

10th January 2020

Is now a good time to grab a deal on a new loan? We look at the options.

Is now a good time to grab a deal on a new loan? We look at the options.

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How much stamp duty could you save when buying a holiday let?

26th February 2021

Those wanting to buy a UK holiday let as an investment or for their own use can benefit from a reduction on stamp duty tax. We compare the savings across the top UK destinations.

Those wanting to buy a UK holiday let as an investment or for their own use can benefit from a reduction

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Everyday Loans wins Non-Mainstream Loan Provider of the Year 2021

12th February 2021

Everyday Loans won the award for Non-Mainstream Loan Provider of the year 2021 at the Moneyfacts Consumer Awards last month. Analysts at Moneyfacts reviewed the loans available from non-mainstream lenders to create a shortlist.

Everyday Loans won the award for Non-Mainstream Loan Provider 2021. Our analysts reviewed loans available from non-mainstream lenders to create a shortlist.

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How to borrow without paying interest

28th April 2021

Many financial experts predict that the easing of lockdown will see a spending boom among consumers looking to spend money they have saved over the last 12 months

Many financial experts predict that the easing of lockdown will see a spending boom among consumers looking to spend money they have saved over the last year

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BREAKING: Moneyfacts reacts to the BOE interest rate

17th March 2022

The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%. Moneyfacts has analysed the average rates offered across savings and mortgages and considers what this decision may mean for consumers moving forward.

The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%.

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FCA forces new terms for BNPL providers

14th February 2022

Pressure builds for a more regulated Buy Now Pay Later (BNPL) market after the Financial Conduct Authority (FCA) forced providers to change their terms and conditions. Clearpay, Klarna, Laybuy and Openpay have all changed terms in their contracts after the FCA felt there was a potential risk of harm to consumers. “The four BNPL firms we have worked with have all voluntarily agreed to change their approach. We welcome this and hope that the rest of the industry will now follow,” said Sheldon Mills, Executive Director of Consumers and Competition at the FCA. As a result, Clearpay, Laybuy, and Openpay have agreed to voluntarily refund customers who have been charged late payment fees in specific circumstances. Although BNPL products are not regulated yet, the FCA was able to use the Consumer Rights Act to enforce these changes.

Pressure builds for a more regulated Buy Now Pay Later (BNPL) market after the Financial Conduct Authority (FCA) forced providers to change their terms

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Open Banking set to transform lending sector

18th June 2020

Loans Warehouse has teamed up with Credit Kudos to become the latest lender to use Open Banking to offer consumers an up-to-date assessment of their financial situation

Loans Warehouse teams up with Credit Kudos becoming the latest lender to use Open Banking offering consumers up-to-date assessments of financial situations.

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Base rate increases to 0.75%, what does this mean for you?

17th March 2022

The decision could have an effect on your savings, ISA, mortgage, and disposable income. The Bank of England (BOE) raised interest rates today from 0.50% to 0.75%. This decision can be largely owed to Russia’s invasion of Ukraine, which will likely push inflation in the UK higher. “Higher interest rates are supposed to help cool inflation, but prices have risen due to reasons largely outside of the Bank of England’s and the Government’s control - the cost of petrol, food and other day-to-day items is rising because of global events,” said Annabelle Williams, Personal Finance specialist at Nutmeg. “Although this is a small increase to interest rates which have been hovering close to record lows for many years now, many will be looking to see if the increase is passed on to consumers through higher savings rates,” she said. This is the first time the Monetary Policy Committee (MPC) has raised rates on three successive meetings in more than two decades. With this in mind, how can these rate increases affect your personal finances?

The decision could have an effect on your savings, ISA, mortgage, and disposable income.

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How to get the lowest rate on your secured loan in 2021

11th December 2020

Homeowners wanting to borrow money in 2021 to fund home improvements, to add a home office or to buy a property before the stamp duty holiday ends in March could consider financing this using a remortgage or a secured loan.

Homeowners borrowing money in 2021 to fund home improvements or to buy a property before the stamp duty holiday ends, could use a remortgage or secured loan.

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Back-to-back auction purchase completed in one week

5th February 2021

The Coronavirus pandemic has slowed mortgage completions with some now taking months to reach a conclusion. Property developers, small and large, that need to complete deals quickly can use bridging and secured loans instead, to make sure they do not miss out on securing their next project.

The pandemic has slowed mortgage completions. But, property developers pushing for quicker deals can use bridging and secured loans to secure their project.

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First flexible secured loan in the UK launched

30th April 2021

A new type of secured loan has been launched offering borrowers the option to drawdown funds as and when they need them rather than having to take a full lump sum.

A new type of secured loan has been launched offering borrowers the option to drawdown funds as and when

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2021 personal loan Annual Moneyfacts Star Ratings revealed

17th December 2020

Established high street banks and challenger banks alike have been awarded the Moneyfacts 2021 Five and Four Star Ratings in the personal loan sector today

Established high street banks and challenger banks alike have been awarded the Moneyfacts 2021 Five and Four Star Ratings in the personal loan sector today

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Case study: Broker helps investor add illustrious property to their portfolio

20th March 2022

Article written by Watts Commercial Finance, Moneyfactscompare.co.uk’s preferred commercial finance broker. Commercial deals of this magnitude are uncommon. Many high-profile lenders are sceptical of offering a commercial investment loan of just over £2 million at a 65% loan-to-value ratio for office premises in the heart of Manchester.

Article written by Watts Commercial Finance, Moneyfactscompare.co.uk’s preferred commercial finance broker.

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Loan rates increase year-on-year – what other borrowing options are available?

24th March 2020

Consumers looking to take out a small loan to help them cope with unexpected financial costs during these uncertain times will find that average loan rates on modest sums have increased year-on-year

Consumers looking to take out a small loan to help them cope with unexpected financial costs during these uncertain times

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Should I use a loan to fund my holiday break?

9th April 2022

With the long Easter weekend fast approaching, and summer on the horizon, many of you are probably thinking of taking a city break. However, with the cost of living showing no signs of slowing down, financing this holiday could become complex for some families. This is why some are considering a personal loan, or “holiday loan”, to help finance their getaway trip. Below we have discussed what you should know if you are considering a holiday loan.

Matt Tristram, of Loans Warehouse, spoke to Moneyfacts about the advantages of using a “holiday loan” to finance your getaway.

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Personal loan rates rise – should you use a credit card instead?

12th January 2021

Whether a new year goal is to clear debts or to make home improvements, many consumers will be looking to take out a personal loan this January to fund their 2021 goal

Whether you want to clear debts or make home improvements, many consumers will look to take out a personal loan this January to fund their 2021 goal

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Moneyfacts launches pre-approved loans service

3rd October 2019

Moneyfacts has appointed Loans Warehouse as its service provider for a new pre-approved loans service. The service, which launched yesterday, allows users to enter their personal details and immediately see specifically which lenders they are eligible to apply with – all without impacting their credit score.

Moneyfacts has appointed Loans Warehouse as its service provider for a new pre-approved loans service. The service, which launched yesterday, allows users

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Need a secured loan? How will lockdown two affect your chances?

13th November 2020

With Christmas approaching and halfway through lockdown two we review how easy it is to get a secured loan right now.

With Christmas approaching and halfway through lockdown two we review how easy it is to get a secured loan right now.

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What to do if your payment holiday is coming to an end

1st September 2020

The start of September will have many thinking about how to manage their finances as payment holidays on overdrafts, mortgages and credit cards will soon come to end.

The start of September will have many thinking about how to manage their finances as payment holidays on overdrafts, mortgages and credit cards will soon come t

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