Shop around for best consolidation loans

Tue, 08 Jan 2008

Anyone looking to consolidate there debts needs to make sure they choose the right loan , according to moneyfacts.co.uk.

The company says that it is important to get a number of personal loan quotes by shopping around and not just stick with your current bank because you have developed a relationship with them.

Andrew Haggar from moneyacts.co.uk said: "With detailed computerised credit scoring systems used these days, loyalty makes little difference.

"The difference between the best and worst interest rate can be almost double, so choosing the wrong loan provider can be a costly mistake."

He also said that those looking at consolidation loans might want to look at getting their payment protection from an independent provider as this could save them even more money.

According to research from uSwitch .com consumers could save a total of £15 billion in interest by consolidating their unsecured debts into one low cost, unsecured loan .
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