Customers can save by switching personal loans, study finds

Fri, 25 Jan 2008

Consumers could save a total of around £1.25 billion by switching personal loans mid-term, new research has revealed.

The study, conducted by uSwitch.com, revealed that someone with an £8,000 personal loan over a term of 60 months could save up to £166 a year by switching to a best-buy personal loan .

Mike Naylor, personal finance expert at uSwitch.com, said: "In such a volatile unsecured personal loan market, five years is a long time to stick with the same provider as rates fluctuate constantly."

However, he warned that the days of customers being able to shop round for the best personal loan are numbered as lenders sought to introduce personal pricing.

Mr Naylor added that while people were happy to switch their credit card deals, people did not seem as comfortable doing this with their personal loans.

According to Credit Action personal debt in the UK currently totals around 1,400 billion.
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