Compare Loans

You might think that all personal loans are the same, but the differences between them can mean wasting or saving a lot of money. And it’s not just the interest rates you should compare – shopping around for loans can mean avoiding huge pitfalls in the small print.

Who can I get a loan from?

Traditionally it was just high street banks and building societies that loaned money, but there’s a lot more lenders to choose from now. Internet-based lenders are generally pretty cheap because they save money on overheads, and even supermarket chains like Tesco and Sainsbury’s now have personal finance divisions.

Since there is more competition in the market than ever before, there are some great deals to be found if you compare loans.

What should I look out for when I compare loans?

To compare loans properly, don’t just look for the lowest APR. This can be a bit misleading, as some of the other features of your loan might result in paying more over all.

For instance, some lenders require you to pay a fee if you wish to settle your loan early. You should also make sure that there’s a ‘cooling off’ period in case you change your mind about the loan after signing up. If you’re not quite sure what you’re signing up for, you’re legally entitled to a written quotation, so just ask for one.

How can Credit Choices help me to compare loans?

With the help of Credit Choices, you can compare loans according to their interest rates and any other variables you can think of. This website provides information and detailed guides to making the right choice. We’ve also developed Best Buy tables that give you a good idea of the market – you can’t compare loans without knowing what the market leaders are up to.