Defaqto has found that since the base rate reduced to 0.5% in March 2009 average APRs for unsecured loans have increased across all loan amounts reviewed.

During the same period, the lowest rates available for unsecured loans have generally fallen.

Defaqto data shows, for example, that the average APR for loans of £10,000 has increased from 9.8% two years ago to 11.2% currently, while the most favourable rate now available for this loan amount has reduced to 6.3% from 7.8% in March 2009.

The data shows that the lowest rates currently available are for loans of £7,500-£15,000.

David Black, Defaqto’s insight analyst for banking, said: “The current economic climate has made it extremely difficult for people to borrow. Although on average we have seen unsecured loans become more expensive over the past two years