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Consumers should 'shop around' for best personal loan rates
Consumers have been advised by a spokesman for Sainsbury's Finance to shop around for the best personal loan rates.
Steven Baillie, head of loans at Sainsbury's Finance cited research by moneyfacts.co.uk when stating that it could be possible for consumers to save up to £1,000 when looking for a loan of £10,000 if they shopped around for the best rates.
He said: "Ultimately, you must make sure you're getting the best possible rate for your requirements and not paying over the odds, because you don't have to."
Mr Baillie also pointed out that securing a competitive personal loan could "come in handy" for all sorts of projects and purchases.
Recent research claims that the average personal loan increased from £8,237 in 2009 to £9,225 in the first half of 2010 with up to 20 per cent of personal loans taken out in Britain being used for home improvements.
Sainsbury's Finance estimates that the total value of personal loans used for home improvements in 2010 will be £3.2 billion.