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Moneynet Cautions Borrowers Not To Be Seduced By Attractive APR Hiding The Full Costs Of A Loan
* Low APRs draw in borrowers - but PPI pushes up repayments
* Read the small print, cautions Moneynet
Relying solely on advertised APR rates to choose the best deal
on a loan could mislead borrowers into picking the most
expensive product on the market rather than the cheapest, warns
online financial data comparison site Moneynet. ( http://www.moneynet.co.uk )
"Consumers are led to believe that the cheapest loan is the one
with the lowest APR," said Moneynet Chief Executive Richard
Brown. "But this is far from the truth - borrowers should be
aware that a loan package does not always do what it says on the
tin."
The reason for this is that the APR simply reflects the cost of
the credit without taking into account the cost of other add-ons
such as payment protection insurance and early repayment
penalties - and it's these extras that earn the loan provider
their commission.
"This enables them to advertise what looks like a competitive
rate to attract customers," said Brown. "Then once the applicant
is convinced they have found a great deal the commission-hungry
provider will make every attempt to sell them PPI, thus
increasing their margin via the back door."
Moneynet's message is clear - borrowers should look beyond the
APR and ensure they get all the facts before buying.
"No-one likes reading the small print but not bothering can mean
a loan ends up costing a huge amount more than expected," added
Brown.
For example, a loan from the RAC of £7,000 over five years at
6.5% will cost a reasonable £137.93 per month whilst
Nationwide's 6.7% deal will cost £136.97 - not much to choose
between the two - but add on the cost of PPI and the RAC monthly
repayments leap to a whopping £189.24 compared to Nationwide's
£158.46. This means that the borrower pays a massive £1,846
extra with the RAC over the term of the agreement.
Payment protection insurance can be a lifesaver for
those
unfortunate enough to need it but can also be a very expensive
white elephant if it doesn't pay out. Consumers must understand
exactly what they are covered for and the terms of the cover if
they are to avoid paying for something which is of no benefit.
Early repayment penalties can also be a sting in the tail. It's
natural to only consider the present when applying for a loan -
the money is needed now - but should it be possible in the
future to pay the loan off early there will be no saving to be
made if the small print demands a penalty.
"These ploys are not confined to a few small-time lenders," said
Brown. "Hiding behind the friendly faces of many of the high
street institutions is the grim reality of commission-greedy
providers lining their own pockets."
* * * * * * * * * * * * * *
About moneynet
Moneynet.co.uk is the
UK's most established personal finance research and data
website. The company offers consumers a wide range of low cost
financial products: from mortgages and personal loans; to car,
home and medical insurance; credit cards; savings accounts and
best-buy fixed rate products. Moneynet.co.uk is an ethical,
impartial and comprehensive source of consumer finance
information, covering the whole of the personal finance sector.
Moneynet was founded in 1997 by Chief Executive Richard Brown
to simplify the personal finance market and provide consumers
with impartial and interactive information on financial products
and services.
Press and consumer enquiries:
Moneynet
Contact: Richard Brown, Chief Executive
Telephone: 0208 313 9030
E-mail: online@moneynet.co.uk
Web: http://www.moneynet.co.uk
About the author:
Press distribution by bigmouthmedia
Contact: Rachel Lane Telephone: 0131 561 2251 E-mail:
rachel@bigmouthmedia.com Web: http://www.bigmouthmedia.com
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