Borrowers Need to Shop Around for Better Loans
May 26th, 2005 | POSTED BY ROB
Borrowers are missing out on better deals by not shopping around when deciding on where to go for their personal loans.
Research by Sainsbury’s Bank suggested that 38% of those who took out a personal loan over the last five years got only one quotation, suggesting that borrowers are failing to check out much of the personal loan market before committing themselves.
More worryingly, the research suggests that a large proportion of people believe they can only borrow from a bank with which they have a current account - despite most high street banks offering poor loan rates.
The moral of this would be to ensure you do your research thoroughly when considering a personal loan, and don’t be blinded by advertising from the big hitting high-street banks (but be wary of the sharks!).