Interest rates may have remained static for more than seven months but personal loan rates are creeping up, as lenders look to stretch their profit margins.
Alliance & Leicester, Egg, and Marks & Spencer Money have all increased their loan rates since the start of the month.
M&S had the biggest rise, raising its headline personal loan rate by 1.2% to 9.9%, while Egg has increased rates by 1% to 14.9% for customers wanting to borrow between £3,000 and £20,000.
So, if you're considering a personal loan, it could be time to move fast. Other lenders may soon follow suit and push up their unsecured loan rates.
What's available?
Nationwide Building Society, for example, has a loan at 7.7% - currently the lowest on the market. This is only available until 6 October and you must have a FlexAccount qualify.
If you're looking to borrow more than £5,000 over three years, Sainsbury's Finance has a headline rate of 8.7% for Nectar card holders (it's easy to gain a Nectar card), or there's the Alliance & Leicester loan already mentioned at 8.9%.
Of course, in the current climate only people with the best credit scores are going to qualify for such low-rate borrowing.
So who can have the headline rates?
Not everyone will qualify for the headline rate but lenders have a legal obligation to offer the advertised rate to at least two-thirds of the people they accept. If you don't meet their lending criteria, you could be rejected or have to pay a higher rate.
Since the credit crunch, lenders are far more risk averse than they used to be, meaning more customers are simply declined rather than offered a higher rate.
Will I qualify for a top rate?
Given the present state of the economy, it's become much more difficult for customers to find affordable credit.
However, there are ways that you can boost your chances of being accepted for a loan and your chances of securing the best rate possible.
Check your credit rating
First things first, using a company such as Equifax or Experian, you can pay just a few pounds to see what shows up on your credit rating. You can see exactly what a prospective lender would.
Tim Moss, head of loans at moneysupermarket.com, said: "Getting the best loan rate needn't be a lottery. The lender will look at your credit record when deciding to lend you money, so why not have a look at it before they do. Getting on the electoral roll - if you aren't already - is also important."
If there are errors you can write to the credit reference agencies to have this corrected.
Cut existing credit down to size
It is a good idea to reduce other debts, such as credit and store cards and hire purchase agreements, where possible, and you should cancel any cards you no longer use.
Lenders increasingly share borrowing data and so if a bank or loan provider can see you are heavily indebted or have access to many other lines of credit they are unlikely to offer a loan. You will also be asked to disclose what other borrowing you have to the lender.
Be up to scratch with existing debt
Never miss any debt repayments. Even making a late payment by mistake and then quickly rectifying it can harm your credit history, which has to be squeaky clean if you're going to achieve the lowest rates.
Compare lenders
Spend some time shopping around on comparison sites like moneysupermarket.com, as these will allow you to find the lenders offering the best headline rate for the amount you want to borrow.
Don't 'spray and pray'
If you are rejected for a loan or are offered a higher rate than you had wanted to pay, don't immediately apply for another loan elsewhere. When a lender does a credit search on you it leaves a note on your credit file.
So, if you make a series of searches in a short period, other lenders may be worried you are overstretching yourself. Try to leave a bit of time before reapplying for another loan.
You could ask your potential loan provider to give you a quote first rather than doing a credit search, or at least to give you an idea of whether you might be accepted before applying.
Please note: Any rates or deals mentioned in this article were available at the time of writing. Products underlined can be applied for directly.
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