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Wednesday 20th February 2008
Borrowers can significantly cut the size of their loan repayment by opting for products which are secured against their home, an independent price comparison site has revealed.
According to MoneyExpert.com, the average rate charged on unsecured loan of £15,000 is 8.44 per cent.
However, for a secured loan of the same sum, the average rate is 2.5 per cent less at 5.9 per cent.
Sean Gardner, chief executive of MoneyExpert.com, said the findings marked a major change in the way that secured loans are perceived by the public.
He commented: "Historically secured loans were seen as something of a product of last resort. But these days they are far more attractive to homeowners who are looking for a competitive rate of interest.
"The best secured loan deals are actually cheaper than the average unsecured loan."
MoneyExpert said that the increasingly favourable terms offered by providers of secured loans has prompted an 85 per cent increase in applications for the products on its website during the last quarter.
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