Comparing personal loans could save you thousands of euros - Midlands 103
Homeowners taking out a home improvement loan could be missing out on thousands by not shopping around, according to new research carried out by bonkers.ie.
Daragh Cassidy, Head of Communications at bonkers.ie, appeared on Midlands 103 to discuss the research findings and advise listeners on the importance of shopping around for banking products.
Listen to the interview above or look at the main points discussed below.
Main points from the interview
- People tend to not switch financial services products in general, but on top of that people tend to not even shop around for banking products. They tend to just go with their main bank, which is their first port of call.
- This is a bad idea, especially for personal loans or mortgages, because even small differences in interest rates can add up and you could be missing out on thousands of euros.
- People happily shop around for car insurance and home insurance annually, but don’t do the same where financial services are concerned.
- If you were to take out a €50,000 home improvement loan to update your windows or heating system, the difference between the best and worst rates could actually be almost €10,000 over a ten-year term.
- This also goes for credit cards, current accounts, and mortgages.
- An Post Money has become a lot more active in the banking market in recent years, and of course, there’s the Credit Union. There are also the three main lenders and also Avant Money.
- Revolut is now one of the most competitive providers in the banking market at the moment. It offers personal loans from a rate of 5.99%. Revolut does only offer personal loans up to €30,000 though.
- Some banks charge different interest rates based on your creditworthiness and often you don’t know what the exact rate you’ll get is until you’ve almost fully applied for the loan.
- Most people should try and switch their mortgage once during the term, but it’s not so easy to switch a personal loan. This is why we’d recommend doing your research before taking out a loan.
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