Posted by Gareth Icke Posted on 25 March 2020

Lenders cash in on coronavirus: HSBC, First Direct and M&S Bank increase overdraft charges up to 39.9% amid crisis while Halifax and Lloyds are set to do same next month

Consumers in Britain face repaying more on personal loans and overdrafts after banks raised the cost as people struggle financially amid the coronavirus pandemic.

Rates on three-year loans have gone up since December, with some of the cheapest offers withdrawn in recent days following a surge in applications.

And overdraft rates will quadruple in some cases from 9.99 per cent to 39.9 per cent in changes brought in before the crisis took hold, reported The Times.

HSBC raised its overdraft charges to 39.9 per cent on March 14, up from 9.9 per cent for premium arranged overdrafts and 19.9 per cent for standard ones.

Read more: Lenders cash in on coronavirus: HSBC, First Direct and M&S Bank increase overdraft charges up to 39.9% amid crisis while Halifax and Lloyds are set to do same next month

The Trigger

https://youtu.be/gMTZu6_TjU8

From our advertisers