Research by Intelligent
Finance suggest that borrowers loyalty to their existing bank is doing nothing but lining the wrong people's pockets.
It seems that more than half of UK adults simply turn to their own bank for a personal loan, instead of looking around for a better deal. "With unsecured personal lending at record levels, personal loan borrowers across the UK will lose out to the tune of over £1 billion in the year ahead by saddling themselves with uncompetitive and inflexible loans," says IF.
There is no need to take out a loan with your bank as the market has become far more competitive and there is now a great deal of choice in the market for the consumer.
See below a summary of the best loan deals currently available in the UK. The information is updated daily.