27 million ‘could pay less for loans’

16 December 2008

Millions of British borrowers with personal loans and credit cards could save money just by asking their lender for a lower interest rate, it has been claimed.

Fool.co.uk says that up to 27 million loan and credit card customers are missing out on potential savings because they think the rates they are offered are ‘set in stone’.

However, one in ten loan and credit card customers have successfully negotiated a lower interest rate with their lender, the website claims.

A loans expert for Think Money commented: “While it’s true in some cases that interest rates on loans can be lowered, it will depend on the borrower’s financial circumstances, and borrowers should not depend on their rates falling in the future.

“People should always be sure that they can afford monthly payments before taking out any kind of loan.”

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Tags: loans, personal loans, loan, personal, getting a loan

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