UK residents that have recently taken out a £5,000 personal loan to get themselves over the recession are being hit with the highest interest rates, the UK  base rate is currently just 0.5 per cent (next review 10 Sep ‘09), however the average interest rate for a  £5,000 loan is currently 10.32 per cent, according to a survey by moneysupermarketdotcom.

It seems that ten is the magic number as the best value personal loans are for  £10,000 with interest rates at approx.  8.4% , while a £15,000 loan will be closer to 8.55 per cent.