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Personal loans 'ideal for the right reasons'
Consumers should consider taking up personal loans when they want to do something that benefits them, according to a financial advice website.
Loans&Credit.com has suggested that the products should be considered "for the right reasons", including to fund courses or education, medical care or home improvement work.
It explained that by using loans for such purposes, people are likely to reap rewards, whether that is through finding a better job thanks to their education or increasing the value of a property.
However, the website also advised that consumers should always keep tabs on their credit rating before applying for a personal loan.
It added: "Without this, you are operating from a severely limited position regarding your ability to shop effectively and to bargain."
Steven Bailie, head of Sainsbury's Loans, said people who use personal loans to purchase cars should compare and contrast the best deals on the market.
He added that shopping around could help consumers save "a considerable amount of money".