Interest rates are incredibly low at the moment. So why are High Street banks still charging so much interest for credit cards? Whereas most guernsey loans, like theloanshop.gg for instance, offer loans only slightly higher than the base rate.
Getting a loan in Guernsey is faster too
Credit card applications can be arduous. Lots of form-filling, waiting to find out whether you are approved – and then finally waiting to get your credit card.
Loans in Guernsey are much faster. Theloanshop.gg offers a same-day turnaround from application to actually having the funds in your account.
Applying means filling in a simple online form or popping in and asking the Guernsey loans provider to complete the application on your behalf.
Some big banks are owned by the tax-payer
Did you know that not one High Street bank has fulfilled its promises to the Chancellor Alistair Darling to increase their lending to small and medium-sized enterprises?
‘There are the bells and whistles,’ one banker said, referring to the conditions that many High Street banks are now demanding before they will issue credit at all. (Source: http://www.dailymail.co.uk/)
As a result, many small companies have retrenched, lost vital staff and stopped expanding. So it’s not just ordinary borrowers that have become victims of the banks’ failure to pass on the benefits of current low rates, businesses have been hit hard too.
Let’s compare interest rates
The average interest rate cost on credit cards, according to Bank of England, is 16.37 per cent. Credit card rates naturally are higher than loan rates because of the higher risk of default and fraud, but still…
As for overdraft rates, at an average of 18.95 per cent, banks are enjoying some of the widest profit margins in their history despite being able to borrow so cheaply.
So next time you’re considering borrowing, think about a good old Guernsey loan. Rates are cheaper, you get your money faster – and the whole process is a lot easier.
Theloanshop.gg offers affordable loans for almost anything! Holidays, cars, weddings, consolidation and more. Pop in to our town branch, call 736746 or apply online today. You’ll get rates as low as 7% and your cash the same day you are approved.
