23 May 2005
A recent report has revealed that many consumers encounter difficulty when trying to get an accurate quote for a personal loan.
The mystery-shopping, conducted by Nationwide, found that 41 per cent of calls made to major finance providers, were unsuccessful in finding out the rate of interest they would pay, were they to sign up for a personal loan.
Over one third of those who were refused a quote were told they could not be given one until they opened an account.
In addition, a quarter were told they would not be given a quote unless they promised to sign up for a loan during the call.
Stuart Bernau, executive director at Nationwide, commented: "How can customers be expected to buy a product without knowing what it will cost them?"
He added: "At a time when over-indebtedness is a real issue, even those consumers who budget carefully, and try to shop around for the best deal, can be caught out."
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.