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Can the High Street compete with Internet lenders?

Can firms offering unsecured loans in UK High Streets compete with low-price Internet operations? The answer is often yes – especially if you have unusual circumstances. Competition in the UK loans market is fierce, and the High Street giants have been forced to adapt and become more competitive.

Until recently, firms offering unsecured loans in UK High Streets couldn't compete with the leaner, cheaper competitors offering phone and Internet loans. That's changed: competition in the loans market has never been fiercer, and even the stuffiest High Street banks have been forced to cut their costs to the bone. However, it's important to shop around because some high street loans are still very expensive; typically a lender will have a range of loans to choose from, some of which will be much cheaper than others.
One way to get cheap unsecured loans in UK High Streets is to approach lenders you already have a relationship with – typically your bank, or your mortgage provider. Many firms offer substantial discounts on interest rates to existing customers, and it's an avenue that you should look into. Alternatively changing to a different type of current account may cut the cost: for example, the Royal Bank of Scotland offers preferential terms to customers of its Royalties Gold account. 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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