Squeezed UK households hit as cost of personal loan rate doubles

Data shows increase from 3.3% to 6.6% since December 2021, which was before interest rate rises

Personal loan rates have doubled in little more than 18 months, spelling far higher" costs for financially squeezed households hoping to borrow money, new data shows.

In early December 2021 - just before official interest rates began their seemingly relentless march upwards - someone with a good credit rating who was looking for a new 5,000 personal loan to be paid back over 36 months would have potentially been able to access best-buy rates starting at 3.3% from companies such as Sainsbury's Bank and the AA.