Personal pricing will reward those with good credit history
Oct 06, 2006
Personal pricing for loans is rewarding those with a good credit history, the British Banker's Association (BBA) has claimed.
They claimed that personal pricing reflected the risk involved for lenders, meaning that borrowers with very good credit ratings were entitled to the advantage of reasonably low interest rates for their personal loans.
Personal pricing, which has been introduced by a range of lenders, means that lenders offer interest rates for a loan based on a borrower's credit history, rather than advertising typical 'headline' rates. The move has been criticised by some experts, who feel that it makes it more difficult for borrowers to compare interest rates with different providers.
However the BBA denied that personal pricing was unfair, stating that it allowed banks to tailor rates to reflect individual risk. They think it's a very fair move because it allows banks to be more competitive and to match the interest rates on the loans they offer to the risks involved. However the BBA encouraged potential borrowers to shop around before choosing a personal loan or secured loan. They advise people to use every and all means available to secure the best deal for individual circumstances. The best way of doing that is to use an internet loan broker who can provide instant quotes from a cross-section of loan providers allowing people to select the best deal from a wide choice of options.
With Secured Loan UK .com, no matter whether you're Status or Non Status, being a Homeowner means we can get you a competitive rate that matches your credit history.
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