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Loans trends research released by Sainsbury's
According to the firm, loan applications are generally higher over the first half of the year.
The busiest month of all is January, with many consumers looking to consolidate their Christmas debts into a single loan.
Often, these debtors have used various forms of credit to fund their festive spend - and might be confused by having many different repayment obligations each month.
Commenting on the issue, Steven Baillie, head of loans at Sainsbury's, said: "Debt-consolidation is always a good idea if you have multiple sources of debt, maybe a store card and credit card or a historical loan.
"Paying a number of individual rates of interest which could be as high as 30 per cent or more on some store cards for example is not the best way to approach your debt."
Sainsbury's statistics suggest that around £8 billion worth of debt consolidation personal loans was taken out in the UK last year.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-01-22 12:55:26 © Moneyextra.com
Loans - Top Picks
| Unsecured Loans |
| Barclays Bank - Existing Customer Barclayloan Plus Funded | ||||
Barclays Bank
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £386.94 | 6.2% | Fixed | £23,216.38 | |
|
Representative example: based on a loan of £20000 Representative APR 6.2% Fixed. Total amount repayable £23,216.38 at £386.94 per month for 60 months. |
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| Barclays Bank - Existing Customer Barclayloan Plus | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| HSBC - Existing Customer Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| Nationwide Building Society - Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Advertised rate for main FlexAccount customers only, other options available. |
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| Secured Loans |
| Blemain Finance - Secured Loan | ||||
|
Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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| Blemain Finance - Secured Loan | ||||
|
Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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| Blemain Finance - Secured Loan | ||||
|
Blemain Finance
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
|
Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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| Willows Finance - Good Credit | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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