Personal loans are one of many financial products where savings can be made by searching for the best deal.
Best personal loan – rate
Loan rates can vary from 5.5% to over 20%. On a loan of 10,000 over five years this makes a difference of over 50 on monthly repayments over 3000 over the term.
This shows that you should not take out the first personal loan you see. However, not everyone will receive the attractive headline rate, so you should check the actual rate you are offered and whether this is still a good deal. The rate you are given can depend on your credit rating. This is a scoring system that lenders use to show how creditworthy people are.
Best personal loan switching penalties
If you are switching from one loan to another, you should check whether you would have to pay an early settlement penalty, as this can wipeout any potential saving. This applies to fixed-sum loans taken on or after 31 May 2005 and that are regulated by the Consumer Credit Act 1974. If the loan is paid off early, the lender may charge an interest penalty (subject to a set formula) of 30 days or one calendar month. This applies when the original loan...
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