Personal loans can buy me love

Tue, 14 Feb 2006

Romance will lead to 2.46 million personal loans being taken out this year, according to Sainsbury's Bank.

The personal loans provider says personal loans will fund almost a million romantic surprise gifts over the next year, while weddings will be paid for with well over 900,000 personal loans.

A poll by the personal loans provider showed that the personal loans taken out for romantic reasons would average £2,845.

Some 56,000 romantics said they plan to take out personal loans worth in excess of £15,000 in the next 12 months.

"Unfortunately romantic gestures and occasions, such as weddings and anniversaries, can come with a sizeable price tag," comments Steven Baillie, loans manager at Sainsbury's Bank.

He urges those planning to take out a personal loan to shop around for one that offers a competitive interest rate.

Mr Baillie says consumers have a variety of options "in everything they do".

"They can look at who is out there, who is advertising and compare their offers," he says.

Sainsbury's Bank has reduced its interest rates on personal loans to a typical annual percentage rate of 6.1 per cent for people applying for a personal loan via the telephone.

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