Expert offers personal loan tips

Tue, 18 Aug 2009

With Nationwide announcing a new personal loan at a market-leading rate of 7.7 per cent, one expert has given some tips on finding a suitable deal.

Writing for the Independent, finance journalist Victoria Bischoff recommended shopping around to find the best deal and looking at other features of the personal loan rather than just the headline rate.

Personal loans with the option of fee-free early repayments are worth looking at, according to Ms Bischoff, as larger debts could be harder to settle if they are left until later.

She added: "If you plan to apply for a market leading personal loan, it's crucial that you check your credit rating first. Lenders are only required to offer their advertised 'typical' APRs to two thirds of applicants."

Personal loan provider the Royal Bank of Scotland was recently accused of allowing customers taking out the products to amount huge sums of debt, according to the Guardian.
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