Those who are planning to compare loans and find the best rate to suit their financial situation could benefit from advice regarding the possible uses for credit taken out this way.
Kate Ross, a financial consultant based in the US, is reminding borrowers that a personal loan can be an effective way to pay for home improvements, reports the American Chronicle.
She is suggesting that consumers do all they can to learn about different types of loan, as certain financial products may exist that are particularly suitable for what the borrower intends to spend it on.
In addition, those who borrow money for home improvements may find the value of their house is increased and consequently ensure long-term financial returns.
Meanwhile, the Bank of England’s monetary policy committee’s decision to raise the national base rate to 5.25 per cent could affect borrowers with variable-rate loans.
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