Brits Advised To Choose Existing Providers For Cheap Loans

Wed, 13 Jan 2010

Britons looking to take out a cheap loan should contact companies they are familiar with, an industry expert has suggested.

Demand for loans is set to rise over the coming weeks as many people look to consolidate their debt following heavy spending over the festive period.

Richard Napier, head of credit cards and personal loans at Nationwide, admitted that finding the right loan deal can be tough, especially with the wide range of offers currently available on the market.

But he explained that consumers should, if possible, get in touch with their existing providers, for example their mortgage or credit card provider.

How many [people] would think to approach a provider that they already have a relationship with, for example, where you might have your current account, mortgage or rainy day savings ?" he said.

"It is possible that, if you choose a provider where you already have a relationship, you could obtain a more favourable interest rate ."

Mr Napier added that borrowers should also be wary of cheap loans deals on the internet as they often end up offering rates that are significantly higher than originally advertised.
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