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Recent research has shown that borrowers could save money by switching loan providers mid-term, despite many people believing such a move to be impossible.
Borrowers throughout the country could be saving money on their unsecured and secured loans and don't even know it. In a survey some 30 percent of unsecured loan customers said they would not switch loans because the savings weren't enough, 20 percent believe switching would be too complicated, and 6 percent think it not possible at all.
According to price comparison site uSwitch.com, a quarter of loan providers allow consumers to switch without penalty and two-thirds charge just one month's interest.
"With more base rate decreases predicted over the next 12 months, it's possible that we may see other providers following this example and offer more competitive deals than those available last year," said Mike Naylor, personal finance analyst at uSwitch.com.
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