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Loan Protection: UK consumers fail to shop around for competitive loan rates

A third of UK consumers fail to shop around for competitive loan rates, according to new research.

Sainsbury's Finance has revealed that 33 per cent of bank customers opted to take out the first loan they were quoted for.

Over half of respondents (54 per cent) chose a loan with their own provider, with 39 per cent failing to look elsewhere for a better rate.

Consumers could pay as much as £1,404 more for a £5,000 loan over a three-year period if they stay on the most expensive loan rate, according to the report.

Steven Baillie, head of loans at Sainsbury's Finance, advised consumers to shop around for the best deals using tools such as comparison websites.

He said: "The difference in price between the most competitive loans and the rest of the market can be literally hundreds of pounds, and that's before you take any rewards that providers may be offering."

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800249874-ADNFCR

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