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LOAN APATHY COSTS US DEAR

By sticking with current account providers and failing to get several quotes we end up paying hundreds of pounds more for our loans than we need to.
22-11-2010
•    More than half of all people taking out loans in the last five years have borrowed from their current account provider
 
•    One third (33%) received just one quote before choosing a lender
 
•    Loan rates can differ by as much as 18.3% a potential difference of £1404 over the course of a three-year £5000 loan    
 
Research by Sainsbury’s Finance shows that one third of people who take out personal loans don’t shop around but take out the first loan they get a quote for. More than half of people chose their own bank or current account provider when choosing a lender and of these 4 of every 10 don’t look elsewhere for a competitive quote. The research also found that older people are less likely to shop around and more likely to stick with their current account provider than younger people.
Steven Baillie, Head of Loans, Sainsbury’s Finance, said: “Given the increase in number and popularity of price comparison websites it’s surprising that so many people still go straight to their high street bank without comparing deals.  There are many deals to be had but you simply won't know how much you can save until you shop around a little. The difference in price between the most competitive loans and the rest of the market can be literally hundreds of pounds.”

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