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Whether you’re looking for new shoes, want to buy a new phone, are thinking of ditching your electricity or internet supplier, or need to get hold of a new laptop, you’d be absolutely crazy not to shop around. And with the internet there’s really no excuses for not doing so, because comparisons are only ever a couple of clicks away. Whether or not you use comparison sites, the information you need to make smart purchases in readily and easily available on the web.
So if this all makes sense so far, how come so many people don’t shop around when it comes to getting hold of cash? You’d think cash of all things would be what people shop around for the most as the range of rates available from loan companies varies so considerably. But in reality, getting hold of cash through a short term loan company is one of the least researched ‘purchases’ there is. So why’s this?
The first is that if they have already been approved with a loan company previously they tend to stick with that company because they know their loan application will be accepted. It’s easy and risk free but they are also taking a blind eye to that company’s rates which may be terrible.
The second is that many people are worried that if they do shop around for a loan each new loan enquiry they make will involve a credit check which in itself might adversely affect their credit rating. In effect they are being punished for shopping around so they feel effectively ‘trapped’ into staying with the same company no matter how bad they are treated or however bad the rates are.
The third is time and convenience – it takes time to explore other options and often people need short term loans in a hurry. It’s just quick and easy to apply where you have been accepted before.
A Fernovo we encourage all our new and existing customers to shop around as we know that with a 40% discount on the Cap rate our short loans are the most competitive in the market.
What’s more, our unique, NOVOQuote smart decision engine can give you loan pre-approval without a credit check, which means shopping around with us wont affect your credit rating. What’s more the whole online application process is super slick and quick, typically taking less than 60 seconds. What’s not to like?
So what could you save, on say, a £300 loan over three months? Well compared to our closest competitor you would save a whopping £65 on interest payments! And if that’s not a good enough reason to shop around we don’t know what is. After all that difference could be all you need to treat yourself to that new pair of shoes or headphones…
So people, please take our advice and when it comes to short term loans – do yourself a favour and SHOP AROUND!
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