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Don’t Assume Supermarkets Offer Good Value On Loans

Over recent years, big name supermarkets in the UK have diversified enormously, and along with your tinned goods, bread, toiletries, and other shopping you can now pick up one of a range of financial products, from credit cards and insurance to loans. Many of the major supermarkets in the UK have started to offer finance to consumers, subject to status, and there are many consumers that have been tempted into applying for credit cards, loans, and other financial products whilst purchasing their groceries.

A new survey that has been carried out, however, indicates that consumers should not assume that supermarkets, often associated with value for money, will also offer the best deals on financial products. In fact the survey showed that those taking out loans through supermarkets rather than through traditional lenders and banks, could actually be paying a lot more than they need to. This applies to loans as well as other financial products such as credit cards.

The recent investigation into the value – or lack of value – when it comes to supermarket related financial products was carried out by Which? consumer group, and showed that many consumers taking out loans and other forms of credit through these supermarkets ended up paying hundreds of pound more over the term of the loan in some cases, compared to loans from many high street and Internet based lenders offering a range of competitive deals.

Neil Fowler, the editor of Which? stated: "Just because supermarkets offer good value on groceries, don't assume this applies across the board. You can pay well over the odds for the convenience of picking up a financial product with your weekly shopping."

When it comes to taking out loans and other financial products, consumers are always advised to ensure that they compare a range of deals from a variety of lenders rather than making an assumption with regards to which lender or company is likely to offer the best deal on financial products.

Alisdair Milton
30th November 2006


More Information:

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