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'Good deals can still be found on personal loans'

'Good deals can still be found on personal loans'

- Wednesday, 6 October 2010

Consumers are being urged to shop around for loans as some good deals can still be found, which may help people avoid debt problems.

Chris Griffiths, head of personal loans at confused.com, urges consumers to think about the purpose of the loan, how much they need to borrow and how much they can afford to pay each month.

He said: "The term of the loan is also an important factor to consider, as the longer the loan is outstanding the more interest will be accrued.

"Customers should look beyond the headline interest rate and consider how much they can afford to repay each month and stick to their budget."

Furthermore, banks may offer a favourable rate to their current customers or include extra benefits such as travel insurance, he added.

According to Sainsbury's Finance, the average interest rates on a £5,000 personal loan have increased by 16.74 per cent over the last two years.

Therefore, consumers should shop around to find the best deals and ensure they can afford to pay it back otherwise they may get into debt problems.

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