With more people than ever in the UK looking for debt consolidation loans in order to pay off their arrears, the cost of unsecured finance continues to soar.
The average interest on unsecured loans has risen since the turn of the year, despite the Bank of England consistently lowering the base rate of interest.
MoneyExpert found that the average interest payable on an unsecured loan of £5,000 is now 10.16%, up from 9.45% in November last year.
Sean Gardner, from the group commented, "The unsecured loans market is almost mirroring the mortgage market where the issue is not so much rates but availability - whether or not lenders will let you have the cash."