FOR IMMEDIATE RELEASE
London, UK, 21st September, 2010: Consumers should shop around for the best deals on loans as banks will no longer provide their customers with the best available rate, according to an expert.
A new report from the Bank of England has revealed that lenders are increasing the margin they charge on unsecured lending.
Mark Bower, managing director of moneymaxim.co.uk, has claimed banks have done so in a bid to claw back funds lost from the financial crisis and the increasing number of personal insolvencies.
He said: “The days of just going to your bank and expecting them to provide you with the best rate because of your relationship with them are definitely gone. The cheapest rates now tend to come from the supermarkets.”
Mr Bower added that supermarkets now offer the best deals and that consumers should aim to move their loan to a more competitive rate if they feel they are paying over the odds.
”This is a ploy by the banks to ensure that they provide the cheapest rates to the customers and increase their profits exponentially.” says financial analyst Charles Baker who is a seasoned financial analyst and has more than a decade of experience in the financial industry. He works as a financial analyst for PPI ClaimCompany.co.uk.
“People should think about moving their loans to much more competitive rates if they feel they are paying more to the lenders. The customers will have to make the final choice in today’s market as the banks are no longer going to do it.”
PPI Claims Company is one of the premier PPI companies in the world. It has years of experience in this field and can help you with your payment protection claim using their no win, no service fee policy. To know more about reclaim payment protection and payment protection refunds log on to http://www.ppiclaimcompany.co.uk/. You can also know about loan protection claims and check out the free PPI claim calculator at the website.
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