Shop around for a good personal loan
Alliance & Leicester has warned customers to ensure they shop around when looking for personal loans, as the extra effort is well worth it in the end.
A spokesperson for the lender said that big banks can get away with charging high rates for credit as customers often choose the easy option they offer rather than shopping around for a better deal.
He said that overcharging lenders relied on consumer inertia to sell their costly loan products, and warned prospective borrowers to shop around and not to settle for overpriced credit.
The spokesman warned that devious lenders and big banks prey on 'customers who are less financially savvy, happy to pay over the odds for finance or lacking the motivation to shop around'.
This is how they get people to sign up to their loans when they are far more expensive than low-rate loans offered by other lenders, according to the Alliance & Leicester spokesperson.
He concluded by warning consumers not to let lenders offering them uncompetitive credit to get away with it, as there are cheaper deals out there that they can find. | 
