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PPI: Consumers should review spending habits before taking out a loan

UK consumers should review their spending habits before taking out a peer-to-peer loan, it has been claimed.

Annie Shaw, editor of financial website, expressed her belief that consumers who borrow funds without going through a traditional financial institution can find better rates but should be vigilant.

"I think you need to pick who you go to very carefully," she said.

"The problem with any type of borrowing is that the first thing you need to do is to review your spending, to try to cut down and manage the money that you need to borrow."

A recent report by Zopa, a firm which facilitates person-to-person lending, revealed that over £110 million has been lent between ordinary individuals at rates they agreed themselves.

During 2010, the average return Zopa lenders received on their loan, after charges, was eight per cent, with the majority of the loans lent over a three or five year term.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate financeADNFCR-2776-ID-800305282-ADNFCR

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