Shop Around For Loans Urges A&L

Written by Editorial Team

04 August 2004

Britain is a nation of bargain hunters – yet many still refuse to shop around for personal loans, says the Alliance & Leicester.

New research has revealed that 51 per cent feel shopping in the UK is expensive – a figure that equates to 22.4 million consumers.

Many freely admit to having tried tactics such as buying abroad (32 per cent), haggling in high street shops (26 per cent) and switching providers for mobile phones and utilities (51 per cent).

However, although 67 per cent of people claim to do the same bargain hunting when it comes to taking out a personal loan, previous research from Alliance & Leicester has shown that only 35 per cent actually do so, with the majority applying for the first loan they see.

“It is disappointing to see that whilst the overwhelming majority (68 per cent) of consumers are doing their homework when it comes to general purchases, they are still not doing the same thing when it comes to taking out a personal loan,” says Andy Bayes, head of personal loans at Alliance & Leicester.

“Often the savings that can be made by shopping around for a loan can outweigh those that can be made when looking for a holiday or a new washing machine and consumers don’t even have to go the extremes of travelling abroad or queuing for hours in the sales to get such a bargain.”

Alliance & Leicester has produced a free independent guide to getting the best loan, helping people understand what to look for they apply for a personal loan.