Popular Personal Loans

Personal loans remain a popular form of raising cash for anything from holidays to home improvements, however it can be tricky for consumers to find a loan provider who offers them the best deal. Particularly in the current climate where many personal loan providers are vying for custom, this can be a good thing for the savvy consumer who shops around however it can also seem quite confusing. However it’s interesting to pay attention to who’s performed well over the last year and according to Personal Finance and Savings magazine Alliance and Leicester are the best personal loans provider of 2005.

This isn’t an arbitrary editorial decision either; readers voting on whom they had a good experience with determined the results, a total of 6,200 readers voted over a three-month period. Good news for Alliance and Leicester certainly, particularly since they were highly commended by the financial magazine last year, which shows how they have built on their success to win this accolade. Tesco personal finance and Halifax also did well; coming in at second and third in the top ten while Internet loan company Cahoot came in at fifth.

Personal Finance and Savings magazine’s top ten has certainly highlighted the impact of building societies and other non-traditional loans companies apart from the major banks on the loans market. Only two of the big four made it into the top ten at all, Lloyds TSB and Nat West reached 8th and 9th place. It seems that not only are there a great choice for loans out there, but consumers are finding good deals with building societies and non-traditional loans companies such as supermarkets and over the internet.

While Alliance and Leicester are obviously pleased with the results of this poll, they are pledging to keep customer service and good value a priority with a planned ‘Personal Loans Centre of Excellence’ in Leicester. Good news for consumers and this should also create additional jobs and be good for UK business in general. Whilst they are not necessarily the cheapest loan provider, Alliance and Leicester pride themselves on offering consistently good rates, quick decisions and making their loans easy to understand for consumers.

Even if the companies mentioned in the poll don’t appeal to consumers, one thing of note should be taken by anyone planning to take out a personal loan; your bank may not necessarily provide the best deal and shopping around can be worthwhile. Checking out building societies, Internet finance and even your local supermarket may yield results in terms of better deals and good customer service.

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