Best Loans UK
By all means talk to your bank – but shop around too
For the best loans UK customers must shop around: the difference between the best and worst lenders could make a difference of hundreds or even thousands of pounds to your repayments. Your bank may have special offers for existing customers but even then, other lenders may offer better deals.
To get the best loans UK customers should shop around: even a slight difference in interest rates could make a big difference to your repayments. If you borrow £10,000 over five years, a loan at 6.0% APR will cost you £11,566 in total; at 25.9% APR, the same loan will set you back more than £17,000.
The best loans UK lenders currently offer tend to have similar interest rates: at the time of writing, rates from 6% to 7% are standard. People with unusual circumstances or bad credit histories will pay more: up to 25.9% in the case of one lender.
A few percent doesn't sound like a lot, but if you borrow for a long period of time even a slight difference will mean bigger payments. Borrow £5,000 over ten years at 6.0% APR and you'll pay a total of £6,625; the same loan at 9.9% will cost £7,757. The difference is even more pronounced if you borrow £10,000 over the same period: at 6.0% you'll repay £13,250, but at 9.5% you'll repay £15,272.
loans.org.uk helps you find the best loans companies for your specific needs, and gives you background information on the various types of loans available in our loans articles, more loans articles and still more loans articles.
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