If you need a personal loan to pay for a car, holiday, home improvements, wedding and so on, don’t take out a loan from a high street bank as you’re likely to be charged expensive rates of interest. The truth is that the personal loans you find on the high street are often hugely overpriced and it pays to shop around as there are lots of competitively priced loans available.
The smart way to find the cheapest loans is to shop around online. Through this website you can compare the marketing leading products and see who offers the best personal loan deals.
Borrowers in the UK waste billions of pounds each year by taking out personal loans from high street banks. There is no reason for you to pay over the odds if you need to borrow money.
For example is your borrow £5,000 over two years at a market leading loan rate of 5.7%APR, your monthly repayments would be £220.60, with the total interest charge of £294.51 and the total amount repayable being £5,294.51. If you borrowed the same amount on the high street at 11.9% APR, you’d have to fork out a further £13 each month, or £314.95 in extra interest over the course of the loan! If you’re considering taking out a loan, below are some tips for finding the best one:
It’s a mistake to go straight to your bank for a personal loan simply because it’s the easiest route to take. You can almost always get a better deal elsewhere and through this website you can compare the rates from over 550 different loans.
We tend to check the APR (Annual Percentage Rate) when comparing interest rates but with a loan you’re better off comparing the TAR (Total Amount Repayable) instead. APRs are calculated in different ways by different lenders so it’s much easier to check to see how much money you will actually pay back overall. The Total Amount Repayable (TAR) will give you the true cost of your borrowing.
Click here for more information on finding the best personal loans.