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Should You Go To Your Own Bank For A Loan?

Sep 13, 2008
In years gone by those looking to borrow money in the form of a loan had little option but to go to their own bank in order to try and get the finance that they needed, and even then there was no guarantee that they would get the money. However, these days consumers that are looking to take out finance have a far greater choice, and do not necessarily have to go to their own banks in order to borrow money.

In fact, it is important for bank accountholders to remember that the best deal for them is not necessarily going to be through their bank, as many people make the mistake of making this assumption but end up paying over the odds for their borrowing. It is always worth approaching your own bank for a quote if you are looking to take out a loan, particularly if you are a long standing customer with good credit. Some banks may use this in your favour, and this could help you to secure a far better rate on your loan, which means that you could find that your own bank is in fact the best choice.

However, if you are just being offered the standard rate by your bank on a loan that you apply for then don't take it as red that it will be the best rate simply because you bank there. Give yourself plenty of time to shop around, as the rate that you can get elsewhere could be a whole lot lower, thus making the cost of taking out a loan a lot cheaper. Whilst people in the past had no other choice but to pay what their bank wanted for the privilege of taking out a loan consumers today are able to simply look elsewhere to find the best deal, and this is something that you should take advantage of.

The Internet has made it far easier to hunt around for a better deal, and with so many lenders operating online you will not be short on choice. Once you have found out what sort of rate your own bank will charge for a loan take the time to go online and compare the rates and charges from other lenders for the same amount, the same loan type, over the same time period. This will enable you to quickly see whether you bank is offering you a competitive deal or not, and if it is not then you can simply get on and apply to one of the lenders that is offering better rates.

You need to remember that these days you don't have to simply make do with whatever your bank is prepared to offer you. If your bank is prepared to offer you a good deal at a competitive rate that suits you then fair enough. However, when you can afford to be a little more fussy, as many of us can these days even with the tighter credit conditions in place, then you should take full advantage and use the Internet to find a more affordable and suitable deal.
About the Author
Peter Kenny has been writing financial articles for 10 years and is a writer for The Thrifty Scot, please visit us at Unsecured Loans and Debt Consolidation Loans
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