Fast Personal Loans

Lenders love people who don't shop around

People who want fast personal loans are a lender's dream: if you don’t shop around, you could end up paying incredible amounts of interest. When the difference between the best and worst rates could mean a difference of several thousand pounds, it pays to take your time.

Shopping around can save you a fortune, which is why lenders love people who want fast personal loans. If you're in a hurry and don't compare the rates of different lenders, you could end up paying over the odds – and in some cases, that could mean a difference of several thousand pounds.
If you're looking for fast personal loans, it's tempting to look at a few sites and then go "that'll do." However, there are huge differences in the rates charged for different products, and by different lenders. We asked This Is Money (www.thisismoney.co.uk) to calculate the cost of borrowing £5,000 over 5 years. At interest rates of 6.0% APR, we would pay £5,772 in total; at 9.9%, we would pay £6,300. Incredibly, some firms charge even more: one company's personal loan had an APR of 25.9%, which would mean a total repayment of £8,505. When you consider that there is nearly £3,000 difference between the best and worst interest rates, if you don't shop around you're simply throwing away your money. Fast personal loans aren't always the best personal loans.

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