People looking to take out loans have been advised to carefully read the terms and conditions before committing themselves, by a leading industry expert.
Although there are a quite few good deals available in the market, consumers have been urged to shop around before making their final decision by Chris Griffiths, head of personal loans at Confused.com.
He said: "Customers should look beyond the headline interest rate and consider how much they can afford to repay each month and stick to their budget."
Mr Griffiths also added that people would be better off if they checked with their banks for any preferential rates for existing customers or features which allowed them to take a short payment holiday.
These tips can be especially handy as recent research published by Sainsbury's showed that rates for personal loans of £5,000 had jumped by as much as 17 per cent in the last two years.
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