Confused.com expert urges people to 'think' before using consolidating loans
www.moneynews.co.uk > Loans > Confused.com expert urges people to 'think' before using consolidating loans
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Confused.com expert urges people to 'think' before using consolidating loans
Wed 6th Oct 2010
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Chris Griffiths, head of personal loans at the site, noted that the term of a loan can also be vitally important, since this will affect the amount of interest paid in total.
In his opinion, shopping around is one of the key steps in finding a competitive deal on a loan and consumers should aim to stick to whichever repayment budget they have drawn up.
"Customers should think about the purpose of the loan and only borrow the amount they need before making a commitment, as any extra borrowing will incur extra interest," said Mr Griffiths.
He also urged people to check with their own banking services customers to see if they can receive preferential rates as an existing customer.
The Confused.com spokesman made his comments in response to research by Sainsburys Finance, which showed that the cost of taking out a loan has increased by 16.74 per cent over the past two years.
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Related News : Confused.com |
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