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 |
Personal loans 'ideal for debt consolidation'
Consumers can benefit greatly from using personal loans to consolidate any debt issues they have, according to an expert.
Writing for EveryInvestor.co.uk, Nia Williams said that many people discover that they can save "thousands of pounds in interest alone" by consolidating all of their repayments into one package.
However, she added that interest rates need to be considered to ensure one debt is not being replaced with another.
"If you can't pay off all you owe, replacing one debt charging a high interest rate with a loan with a lower rate does make sense," she explained.
Ms Williams added that some five-year personal loan rates start at around 7.5 per cent, meaning they can offer better value than credit cards charging up to 30 per cent.
Recent figures published by Sainsbury's Finance revealed that nearly £12 million of personal loans were taken out to fund surgery, including cosmetic work, during 2009.