More parents are borrowing to fund kids education, says Sainsbury's Bank Personal Loans
www.moneynews.co.uk > Loans > More parents are borrowing to fund kids education, says Sainsbury's Bank Personal Loans
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More parents are borrowing to fund kids education, says Sainsbury's Bank Personal Loans
Wed 9th Aug 2006
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In the last year, the number of applications for personal loans to cover school fees has risen by 38 per cent, the Sainsbury's Bank study found.
The increase is seen as being a result of the 15 per cent rise in household expenditure on school fees in recent years, as demonstrated by government data on the issue.
Sainsbury's Bank advises parents to shop around for the best deal on a personal loan. Its product offers an interest rate of 6.1 per cent APR.
Loans manager at Sainsbury's Bank, Steven Baillie, comments: "We expect to see a growing number of parents taking out loans to help pay for their children's education."
"Those parents doing this need to make sure that they shop around and find a competitive loan rate," he added.
Sainsbury's offers personal loans of between £1,000 and £25,000 and applications can be made via the internet.
Related News : Loans |
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Related News : Sainsbury |
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