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Loans battle benefiting consumers

Loans battle benefiting consumers

Category: Loans

Updated: 14/12/2012
First Published: 08/02/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

One of the most noticeable personal finance trends of the last 12 months has been the falling cost of personal loans.

The market has been shaken up by a number of new entrants such as the consumer finance arms of supermarket giants Tesco Loans, Sainsbury's Finance Loans and Marks & Spencer Money Loans.

Post Office Loans and The AA Loans have also made waves in the market during 2011.

And as the market has reacted to the challenge posed by peer-to-peer lending and payday loans, other traditional lenders like Nationwide Loans and Santander Loans have also improved their loan offerings.

Currently, somebody looking to borrow between £7,500 and £15,000 over around five years can take advantage of some of the most reasonable rates ever seen.

It comes as little surprise, then, that consumers were keen to have their say on personal loans when voting in the Consumer Moneyfacts Survey.

Thousands of votes were cast in the Best Personal Loan Provider category.

The survey went to consumers via Moneyfacts, its media partners AOL and my money24, and also featured in The Telegraph, The Guardian and The Independent Online.

More than 60,000 consumers provided feedback for the awards, making it the largest survey of its kind.

And it was Sainsbury's Finance that won in the Best Personal Loan category, fighting off the likes of Tesco Bank and Nationwide which received the Highly Commended and Commended awards respectively.

Sylvia Waycot of Moneyfacts said: " By offering competitive rates across a range of tiers and loans to suit the needs of the consumer, Sainsbury's Finance has emerged as the worthy winner of this top award."

What next?

The rates on personal loans are currently some of the most competitive ever, so if you are looking to borrow begin your search at Personal Loans Calculator to make sure you're getting the best deal possible.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.