Have you ever wondered why banks are so keen to sell you insurance in addition to their other products?
There’s an old saying, “don’t get your bacon where you make your dough” – similar can be said for why you don’t have your savings and credit facilities with the same bank.
It’s an industry term called ‘ring-fencing’, the more products you have with a bank, the more likely it is you will stay with them as it seems a nightmare to change all the accounts, credit-cards, mortgage, insurance etc.
A dangerous factor from a consumer point of view of course is the fine print in their credit terms, i.e. if you start to experience difficulties with your credit, they can and will take from your emergency savings and the like.
Of course at Loansmart, all we do is loans, we are specialist loan providers and source funding from a range of suppliers to enable us to have exceptional rates.
So don’t get tied to your bank for personal loan finance, deal with Loansmart giving you greater flexibility.
If you’re currently considering a personal loan or debt consolidation loan – complete our application form to get started.