Personal loans – strike whilst the iron’s hot

Over recent years the cost of borrowing by way of a personal loan has been spiralling, and even though the base interest rate has been at a record low of 0.5 percent for the past two years personal loan rates have remained high, especially on loans of £5000 or less. However, recent reports have suggested that the cost of borrowing has been falling, which means that consumers may now be able to get a better deal on their borrowing.

However, some industry experts do not believe that the decreases in personal loan interest rates will continue, and that the trend could quickly reverse, with rates going back up again. It is therefore worth considering looking at personal loans now if you think that you may need to take out a loan over the coming months, as you may find that if you strike now you could get a fairly good deal but if you wait around loan rates may start to rise again.

It is especially important for consumers to compare personal loan rates now that the level of interest is said to be coming down, as it increases competition and boosts the chances of being able to get a loan that is competitive and affordable. However, if the base rate increases over the coming months or lenders start to put their rates up again due to the uncertain climate many could find that they have to pay far more for their borrowing.

The internet makes it easier to compare different loans and lenders, and this means that you won’t have to do to any unnecessary hassle in order to weed out the most competitive loans. You can browse and compare loans with ease via the Internet, and you will be able to see at a glance whether the loans available are affordable for you or not.

It is important to act quickly, as many experts think that loan rates will stop falling and could start rising again, which means that you could miss out on a far more competitive rate simply because you decided to wait a couple of months before looking for your personal loan.

The rates are said to have fallen in particular on loans of over £5000, so those considering taking out a larger loan could find that they can make a significant saving on repayments due to lower interest rates by looking for a loan now rather than later.

Tags: unnecessary hassle, hassle, percent, trend, whilst, finance

Burglars’ activity rife during recession

On the back of the recent huge robbery at a London Jewellery store, where £40 million worth of loot was taken, industry officials are now warning consumers to be on their guard. Read more

Tags: Insurance, burglary, theft, GBP, company

Getting a great deal on insurance

In the UK there are many different types of insurance cover available, and this is designed to provide us with protection and peace of mind against a myriad of possible situations and eventualities. You can get insurance to cover everything from your car and your home to your pets and your life, and there are many different companies offering insurance deals to suit a wide range of needs and circumstances. Read more

Tags: level, Insurance, hassle, doesn, peace, Admiral Group, financial losses, different types

Brits missing out on ‘current account revolution’

The majority of people fail to switch their current account, despite being able to take advantage of better offers.

Research, carried out by Abbey, shows that 60 per cent of Britons have held the same current account for at least ten years, with 18 per cent having never switched.

The bank says this is despite seeing interest rates with some banks soar and is the result of misinformation on the customers’ part.

Abbey looked into the reasons behind the lack of movement and came back with some surprising results.

Of those asked, 65 per cent said that switching account is too much hassle, although research shows that 90 per cent of switchers found it either ‘very easy’ or ‘fairly easy’.

Almost half (49 per cent) said that they thought all current accounts are similar, this is despite the fact that the difference between the best and worst credit interest rates is 5.9 per cent.

Abbey also found that 16 per cent of people think that it is impossible to move your overdraft to a new account. In fact, overdrafts of £5,000 or less can be matched, with some banks offering an interest-free period.

“Myths and misinformation are stopping people from joining the current account revolution,” said Steve Shore, head of banking at Abbey.

“The difference between the best and worst rates is significant, and customers can greatly benefit from switching to a better rate.”

Tags: overdrafts, investment, bank, hassle, current account revolution, new account, The majority, overdraft