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Bank loan: Banks will no longer provide customers with 'best rate'

Consumers should shop around for the best deals on loans as banks will no longer provide their customers with the best available rate, according to an expert.

A new report from the Bank of England has revealed that lenders are increasing the margin they charge on unsecured lending.

Mark Bower, managing director of moneymaxim.co.uk, has claimed banks have done so in a bid to claw back funds lost from the financial crisis and the increasing number of personal insolvencies.

He said: "The days of just going to your bank and expecting them to provide you with the best rate because of your relationship with them are definitely gone. The cheapest rates now tend to come from the supermarkets."

Mr Bower added that supermarkets now offer the best deals and that consumers should aim to move their loan to a more competitive rate if they feel they are paying over the odds.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800075310-ADNFCR



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