Borrowers can save £396 pounds with right personal loan
Nov 27, 2006
New research has underlined the importance of shopping around for the best personal loan to fit individual circumstances.
Moneyextra found that the potential savings that a borrower could make by finding the right personal loan had jumped by nearly a third to £396.96 a year in the past three months. The increase reflected the rising costs of the worst-value personal loans on the market, the company said, with the most competitive personal loan rates, on the other hand, barely affected by this month's interest rate rise.
In fact, the total annual savings available for customers who replaced near-worst financial products with near-best products across a range of services in the third quarter of 2006 came to £3,976, the company claimed. This was £167 up from the same figure three months earlier and demonstrated the importance of choosing the right financial products, especially as interest rates were rising, Moneyextra said. The company said that just as shopping around for the right present for the person you love is second nature, so shopping around for the right financial service or product for yourself should be too.
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