Loans: Cut Costly Store Cards for a Personal Loan

By: Liam G

For many Britons starting to see the effects of their "costly Christmas's" coupled with the burden of 2007's debts, their financial outlook for 2008 is probably looking pretty bleak.

If this sounds all too familiar then chances are you would benefit from a recent move by one of the UKs leading loan providers, which has made same day personal loans a reality.

If customers drop into one of the banks branches before 12.30pm to discuss their needs with a representative, and their application is successful, then the loan is deposited that day.

Store cards play a big role in accumulating debt, with an estimated 16 billion Britons owning almost ?2.2bn on them. The interest rates on such cards are almost always in the double digits; with most being double that of the average credit card rate.

Despite this, an estimated 23% of us will have used a store card this Christmas.

The average APR on a store card is 27%, compare this to the 6.5% of a competitive personal loan, and it's easy to see how you can reap up the savings.

This, coupled with the speed and simplicity of the new loans process discussed above means that you can be on your way to getting a hold of your finances quicker than ever.

You could take advantage of this or similar personal loans to consolidate your 2007 and/or Christmas debts or simply use it to help pay them off.

To ensure you get the most competitive rate on personal loans then its best to use an online comparison site. Moreover, sites that not only take into consideration APR's but also allow you to filter out loans based on your credit rating are particularly useful.

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