Online personal loan shopping tool offered

Mon, 05 Dec 2005

A new tool has been launched for people hoping to find the best personal loan deal.

Price comparison website Moneysupermarket now offers a SmartSearch loans channel to help people shop for the personal loan that best supports their credit profile.

Using an Equifax credit rating scorecard, Moneysupermarket will be able to make a more accurate suggestion to the person shopping around for a personal loan.

This technology will help to show potential personal loan applicants what interest rate they are likely to qualify for.

"Now any consumer can compare the market, no matter what their individual credit profile is," says Stuart Glendinning, the website's director of loans.

He says SmartSearch will "help, inform and empower" anyone who is considering taking out a personal loan.

"This new SmartSearch facility is a dramatic change for the comparison market, taking away some of the uncertainty involved in applying for credit and giving back more control to the consumer," Mr Glendinning adds.

The website warns that those applying for a personal loan should be wary, as being declined by one personal loan provider can damage their future personal loan applications.

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