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 'offer clear finish line for repayments'
Consumers can gain clear benefits from using personal loans to pay off debts rather credit cards, it has been suggested.
Paul Clitheroe has outlined in a column for Sunshine Coast Daily that the financial products allow people to see clearly how they much they will have to pay in interest over the course of taking them out.
He added that this works differently with credit cards, as consumers are only urged to pay off a small amount of debt each month.
"This may seem easier on your wallet but it works in the card issuer's favour," he explained.
"Sticking to the specified minimum will significantly draw out the time taken to pay off the debt as well as inflating the final interest bill."
Steven Bailie, head of Sainsbury's Loans, recently suggested that consumers need to shop around for personal loans when looking to fund the purchase of a new car.
He added that such a move could save "a considerable amount of money".