If you think you may need a loan to help ease you through the coming months – be on your guard. Money fighters don’t reach for the first brochure the drops through the letter box, or which beckons enticingly from the conveniently placed leaflet stand at the supermarket checkout.
Such deals offered by well known supermarket brands heavily promote low rate personal loans for customers. Rates as low as 4.7% are shown in large type and in bright colours.
But check out the small (and by small we mean tiny) print. If you fail to do so and simply send off your application you may discover you don’t actually qualify and that the special, lowest ever rate is “subject to lending criteria”. A different rate applies to you.
By then several days or a couple of weeks have gone by and your financial need may be more pressing, leaving you less able to shop around. An anxious borrower may feel they have no option other than to accept the higher rate.
The story is the same for all personal loans. The highest rates are never advertised and it is difficult to find out how many people actually get the enticing lowest ever rates.
We are told on all sides that interest rates are at an all time low for mortgages and personal loans. But to secure them to need to hunt and give yourself time to make the best choice. Good luck!
