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Shopping for finance 'cheaper online'
Customers searching for loans and personal finance deals are likely to find cheaper deals online, according to Moneysupermarket.com.
Because customers do all the work, such as looking for the right product, entering the data and paying, they can avoid administration costs of lenders.
Peter Gerrard, senior researcher at Moneymarket.com, said: "You are doing the work yourself instead of a bank employee."
He added: "Banks and brokers have to employ staff, they have overheads. They have to cover these costs somehow through the products they offer."
Last week IFA Promotion said that the wealth of information on loans on the internet was "a good thing", but added that some of it is more informative and accurate than others.
There is now a wide array of online personal finance services, such as banking and loan applications. Because of the large choice of lenders found online, MoneyExpert and Whatprice recommend that customers do not pay up-front fees unless it is with a reputable lender.