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Personal loan borrowers 'should consider lending more'
Consumers that are seeking personal loan deals should consider taking out a larger amount in order to secure a good product, it has been suggested.
Research from Moneyfacts has revealed that the average rate on a loan less than £3,000 stands at 19.6 per cent at present, but better offerings are available on bigger deals.
According to Money Mail, the study highlighted that the rate on deals between £5,000 and £7,499 stands at 12.4 per cent, while the average on larger products is around ten per cent.
Talking to the website, Michelle Slade of Moneyfacts said people should always check if they would benefit from taking out more.
She added: "In some cases, you may actually be a little bit better off to borrow that bit extra."
Moneysupermarket.com recently suggested that consumers could give their finances a spring clean by selecting the best deals on the market.
The website suggested that consumers could enjoy savings up to £3,469 over the next 12 months by switching to the best loan deals and credit cards.