8 August 2005
The new school year is about to start, and many parents will be looking for money to put towards their children's independent school fees.
A report by Sainsbury's Bank says that as many as 4,420 personal loans could be taken out this year to help pay for school fees.
That's a whopping £46 million-worth of funds that parents could be using to spread the cost of fees.
Rachel Brereton, loans manager at Sainsbury's Bank, said: "It's reported that around 620,000 children – some seven per cent of all school pupils – are now privately educated in schools that can charge fees of more than £20,000 a year.. Those parents doing this need to make sure that they shop around and find a competitive rate."
Sainsbury's is currently running a summer loans sale with loans starting at 6.5 per cent APR typical, and there are many great offers on the market.
Compare secured and unsecured loans at uSwitch.com and find the one most suitable for you.
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