More could mean less with a personal loan

Wed, 09 Jan 2008

Borrowing more when taking out a personal loan could cost you less in the long-run, according to one expert.

David Black, principal banking consultant at Defaqto, said: "Borrowers should take care when choosing the size of loan they want, as a little effort in researching the interest rates charged on different tier levels could save them a considerable amount of money ."

Mr Black pointed out that anyone looking to obtain personal loan quotes could save up to £1,000 if they were "on their toes" when it came to this matter.

He also said that when looking for a personal loan people should also take in to account the length of time they would be repaying it over as this would have an affect on the total amount repaid.

Recent research from uSwitch.com indicated that the average UK family could save £605 in three years by consolidation to a best buy personal loan and making just one fixed payment every month.
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