Sainsbury's Finance: Personal loans rates can vary

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Sainsbury's Finance: Personal loans rates can vary

Consumers should be wary that personal loans rates vary and it is important individuals do not automatically turn to their current account provider for such a product, suggested a representative from Sainsbury's Finance.

Steven Baillie, head of loans at the organisation, made his comments after the company found that £37 million was taken out last year to pay for school fees, the costs of which have increased by five per cent in the year up to February.

Mr Baillie claimed it is no surprise so many people are taking out finance deals to help them pay for education, since rising costs are difficult to bear in this tricky economic climate.

But he added: "Parents and anyone paying for education, such as professional qualifications, need to make sure they are shopping around for the best loan rate available."

Sainsbury's Finance recently unveiled its new two-year fixed-rate savings account, which offers 3.55 per cent interest for balances of £5,000 to £50,000.

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