For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
Consumers 'missing a trick when seeking personal loans'
People across the UK may be "missing a trick" when searching for a competitive personal loan in today's market, an expert has claimed.
Richard Napier, head of credit cards and personal loans at Nationwide, has stated that many consumers tend to seek out deals on comparison sites, before settling on those featuring the lowest typical rate.
However, he added that the advertised figure can often be lower than in reality and called on people to instead stick with what they know.
"How many of us would think to approach a provider that they already have a relationship with, for example, where you might have your current account, mortgage or rainy day savings?" he explained.
"It is possible that, if you choose a provider where you already have a relationship, you could obtain a more favourable interest rate."
Ed Bowsher, head of consumer finance at lovemoney.com, recently stated that many people have increased their efforts to pay back unsecured loans and overdrafts while interest rates are low.