A survey carried out by Advantage Loans, the national Loan arrangers,has uncovered some surprising statistics. Amazingly only one third of people surveyed in an Advantage Loans online poll admitted to shopping around for the best APR before taking out finance.

Advantage Loans carried out the survey of over 100 customers applying through their website, Advantage Loans and asked a range of questions designed to look at how choosy they were when picking a financial product. Whilst 1 in 3 respondents in the Advantage Loans survey said they would shop around until they were sure they have the best product available, a further third of them said that being approved was all that mattered. Even more surprisingly almost 1 in 6 people said that they would prefer to deal with a company that they had heard of rather than one they had not, even if this meant getting a more expensive deal.

Another thing that surprised Advantage Loans staff was that very few customers are interested in flexibility when choosing an unsecured lender. This probably explains why so many 'mainstream' lenders are able to pile on huge charges where a customer chooses to repays their loan early.

Advantage Loans head of marketing, Simon Endsleigh, said 'Customers really need to be sure that they are getting the best deal available to them. With APRs varying widely thought the Unsecured Loan industry making the wrong choice can cost you a packet. Whilst the large banks are often the first choice for people looking for finance they rarely offer the best deal. Advantage Loans regularly deal with consolidation requests from customers who have used their own bank for a loan and found that the total cost of borrowing including expensive 'payment protection insurance' is often a lot more than they expected.'

The alternative to shopping around is getting someone else to do it for you. This is exactly what Advantage Loans does for its customers. Advantage Loans can take some of the hard work out of applying for a loan. Advantage Loans can take care of all of the things that matter, like choosing lenders that will accept you based on the application details that you give them, and finding the best APR. Perhaps more importantly though they will also look into things that you may not have thought of and will also be able to present you with flexible options with no penalty for early repayment. Advantage loans will never force you to take out expensive payment protection insurance with a loan and may be able to save you thousands of pounds over the life of the loan.

'Advantage Loans customers are doing the right thing by coming to a company like ours which will search the market to find the best loan available to them.'

For more details on Advantage Loans you can visit their website here Advantage Loans



Tags: statistics, banks, respondents, flexibility, mainstream, lenders, wrong choice, payment protection insurance, unsecured loan, consolidation, first choice, cost of borrowing, loan industry, loa