A new study compiled by one of the UK’s leading financial comparison sites has revealed that consumers who opt to use traditional methods for sourcing personal loans such as high street banks and building societies, could be missing out on substantial savings that are only made available online.
The site has discovered that a large proportion of UK based lending institutions and credit providers have tailored the lion share of their promotional activates towards Internet applicants, meaning that customers who prefer to use the traditional high street route to apply are missing out on some of the best deals.
It is thought that the principles associated with any online-based enterprise have also been applied to the credit industry, thus allowing certain providers more room to manoeuvre with regards to pricing their products.
One expert suggested that consumers, who are either unable or unwilling to use the Internet as a means to shop and indeed apply for credit, are likely to end up paying over the odds as a result. The Internet has provided loan shoppers with greater freedom and choice with regards to sourcing deals, and more should be done in order to help the less online savvy to take advantage of this changing trend.
