Sainsbury's: Shop around for personal loans

Mon, 28 Nov 2005

Those failing to shop around for the best personal loan deal could be paying over the odds, according to Sainsbury's Bank.

The personal loan provider estimates that while £9.4 billion worth of personal loans will be taken out between October and March to fund the purchase of new cars, four in ten people will be paying too much for their borrowings.

Taking out a personal loan could be a practical way to spread out the cost of a major purchase like a new car, says Steven Baillie, loans manager at Sainsbury's Bank.

However, he says millions of people are still "throwing money away" by not checking and comparing interest rates on offer by different personal loan providers when they shop around for a personal loan.

"With so many providers now offering quotes online, it can be really quick to shop around for a good deal," he says.

Mr Baillie adds that Sainsbury's Bank offers personal loans online with interest rates that start from 6.1 per cent annual percentage rate (APR).

"By shopping around, you could reduce the APR on your loan by up to 38 per cent and save over £1,000 in repayments," he says.

Those applying for a personal loan with Sainsbury's Bank will receive immediate approval or denial online and have their cheque delivered within 24 hours.

Personal loan holders can also choose to make no repayments for the first three months of the personal loan.

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