Remember

Remember that you’re stuck once you’ve signed. Bank loans are pretty much one shot deals. The rate you sign up with is the rate you pay. It won’t go up and down even if other interest rates change. But you can’t opt out if you subsequently realise you could have got a far better deal elsewhere so don’t agree to a deal without doing your research. Despite huge criticism from newspapers and consumer groups most lenders still charge big penalties to people who come into some money and want to clear their loans early – another good reason to find the right provider first time. You can compare loan rates on plenty of shop-around websites like www.thisismoney.co.uk, www.moneysupermarket.co.uk and www.moneyfacts.co.uk. If you want a loan with no penalties for early repayment consider the likes of Coventry building society, Egg, Goldfish, Intelligent Finance and the Post Office.