Loan apathy costing hundreds of pounds
Around 33 per cent of people accepted the first loan quote they received, while 54 per cent of people took out a loan from their current account provider, according to Sainsbury's Finance.
The group said people's apathy was costing them hundreds of pounds in extra interest, with borrowers paying an average of 390 more for a 5,000 loan over three years from a current account provider, compared with the market leading rate. The research found that older people were most likely to go straight to their current account provider.
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Hide AdSteven Baillie, head of loans at Sainsbury's Finance, said: "Given the rise in number and popularity of price comparison websites it's surprising so many people still go straight to their high street bank without comparing deals."