uSwitch highlights personal loan savings

Wed, 21 Dec 2005

Savings available on personal loans have been highlighted by uSwitch, the finance comparison website.

The site states that the personal loan market is currently highly competitive and a range of deals with low lending rates are currently available.

uSwitch points out that eight lenders offer rates of under six per cent on four year personal loans of £8,000 at the moment.

As a result, the comparison website states that borrowers in the UK could collectively save £2.4 billion by looking for better lending rates.

Although uSwitch does warn consumers that they could be subject to early redemption charges if they switch personal loan providers, it adds that each UK adult could save an average £50 on their total loan repayments by looking for cheaper personal loan option.

Zopa is highlighted as one lender that offers particularly good personal loan lending rates, with its products charging personal loan borrowers an annual percentage rate of five per cent.

Commenting on savings that can be made across a range of personal finance products, Nick White, head of personal finance at uSwitch, said: "We estimate that consumers could save over £10 billion in 2006 simply by switching their credit card, personal loan and/or current account to the most competitive deal."


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