Friday 19th May 2006
Consumers could find the best loans from using internet comparison sites to check all providers, rather than just assuming more well-known banks are the best bet.
According to Direct Line Loans, many customers turn to their bank for a loan out of apathy or lack of knowledge about the alternatives on offer.
However, the best buy tables on the internet reveal that it is not necessarily the big banks who offer the best rates.
"Many customers still go straight to their own bank when they need a loan as its the way they have always conducted their financial business," said Jill Coyle, spokesperson for Direct Line Loans.
"We would encourage anyone looking for a loan to check out best buy tables and the internet where they will see the most competitive rates available in the marketplace."
She added that many loan providers are able to offer better rates on their loans as they do not have the same overheads that banks incur, such as branch costs.
With zero per cent balance transfer deals and low interest rates on credit cards becoming harder to come by, consumers may be more successful in finding beneficial personal finance from a loan rather than a credit card.
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