Expert offers tips for cheap personal loans

Tue, 20 Oct 2009

One industry figure has given consumers some advice on how to get a personal loan with a good rate in the current economic climate.

According to Stewart Farr, from Moneyextra.com, those looking to borrow cash need to check both the monthly payments and the total cost of the personal loan .

This is because longer repayment options may reduce the amount paid each month but will boost the overall credit expenditure.

Speaking to MSN Money, he added that consumers should be aware of 'typical' APRs, which advertise only the rate customers are likely to get, rather than what they may end up with.

He said: "It's the APR you need to focus on when comparing personal loan rates, particularly if it's followed by the word 'typical' and a small asterisk. Don't automatically assume this is the rate you'll be offered."

Financial journalist Melanie Wright recently wrote in the Telegraph that Brits should do what they can to improve their credit rating as providers begin to tighten criteria.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

newsnews rss
Personal loans news
BBA Reveals Home Loan Dip - Mon, 26 Jul 2010
Government to Conduct Personal Loan Review - Thu, 22 Jul 2010
Positive Home Loan Trend Continues in May - Fri, 16 Jul 2010
More News
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Amex Cash Back
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company

Paying Too Much?

7 out of 10 people are paying too much for their mortgage. To find out if you're one of them click here or fill out a FREE no obligation enquiry form