Mike Naylor, personal finance expert at the company carrying out the research, uSwith.com, said: "There are already huge variations in the loan rates available to consumers amongst both online and offline deals.

"Throwing the personal pricing smoke screen into the melting pot is just causing further confusion, making it a complete minefield for consumers to shop around and get the best deal."

He added that consumers should exercise "caution" if offered "personal pricing" for offline deals as this was not necessarily in their interests.

Banks have also been criticised recently for excessive charging on credit cards and overdrafts as well as on currency exchange.

Personal loan rate increases 'disproportionate'
There have been widespread increases in personal loan rates in wake of the interest rate hike in July, according to recent research.。
Figures show that the rises are disproportionate to the interest rate increase with an average increase of one per cent APR to personal loan rates since July this year compared to the 0.25 per cent base rate increase.

Differences also exist between offline and online deals, with APR currently at 8.7 per cent offline and 7.7 per cent online.