Could you be paying too much interest on your loan?
UK consumers are paying an extra £500 million in interest on personal loans, says a new report.
In banking with one of the 'big five', Brits are effectively not taking out loans with the best available rate and Nationwide's report says that the average customer pays out an extra £85 per loan more than they need to.
The average rate for a personal loan is 8.9 per cent, but savvy consumers who do their research can find them for as little as 5.6 per cent.
'Unlike credit cards and current accounts, personal loan customers tend to remain with one provider for the life of the loan, which often means they are losing hundreds of pounds through paying higher rates than they need to,' Mr Clode, marketing director of Nationwide.
He explained that some customers were not aware that they could change providers once they had taken out a loan and that borrowers should always shop around to get the best deal. | 
