Anyone who wants or even has to take out a loan naturally wants to do so at the best possible, i.e. most favourable conditions. Who would like to reach this goal, does not get around the comparison of several credit offers. A survey shows that the majority of Britains carry out such a credit comparison – at least in theory. Because a current study proves: Wanting is one thing, but doing something is quite another.

When it comes to saving costs, the UK citizens are very big, because they all want to save. “Stinginess is cool” – that’s the mentality! This is also true when taking out a loan. It must be as cheap as possible, the desired installment credit. So it is not surprising that, according to a current survey, the majority of all UK citizens have a planned credit project primarily to compare the conditions of different credit offers in focus – at least theoretically. Which reflects the core statement of the study in one simple sentence:

Seven of ten consumers want to compare credits, but each second goes to the house bank!

Thus everything only lip service, if it concerns the topic credit comparison? Is the topic branch credit not at all so uninteresting (because too expensive) as numerous experts want to let the consumer believe again and again?

Everyone wants to compare credits, but first goes to the house bank

After all, the overwhelming majority of Britains (71 percent) would obtain and compare several credit offers. Only one in eight (13 percent) would be satisfied with just one credit offer. However, this does not correspond to the finding that one in two (around 48 percent) of those surveyed say that their own bank branch is the number one point of contact with their sole credit offer.

And to underline the whole thing even more, another 13 percent of Britains would first of all visit their local bank to present their credit request. Or, if necessary, contact ONE bank on the Internet in order to have a suitable offer for an installment loan made to suit their own credit requirements. All these figures and findings are taken from a representative YouGov survey among UK consumers. And the final result of this survey?

Despite often worse conditions: Branch credit remains popular

Those that although a comparison of different credit offers is necessary and useful, the UK consumer still prefers personal contact with the house bank when making a credit application. This is despite the fact that most potential credit applicants – 29 percent of Britains – are well aware that the interest rate differences between online credit and branch credit can be considerable. So why does almost every second consumer conclude an installment loan via a bank branch and not via the Internet using a comparison portal? Do these portals perhaps not serve the real needs of consumers when it comes to choosing a suitable credit offer?

Credit comparison portal: consumers expect a broad market overview

According to the YouGov survey, six out of ten consumers with a credit wish expect a credit comparison portal to offer loans from at least 50! banks. An expectation, which however the majority of the well-known portals can hardly serve.

The reason for this lies however not in the inability of the portals themselves to serve this requirement, but rather in the fact that a majority of the partner banks listed on those portals, the individual conditions only after requirements of a personal credit offer designates and/or can designate. The reason for this is above all the issue of so-called “creditworthiness-dependent interest rates”, which make flat-rate credit offers available at any time simply impossible.

Online credit comparison saves up to 2.5% interest per year

Irrespective of the (justified) expectations that consumers have of a loan comparison, it is clear that online loans are generally significantly cheaper than branch loans. In addition, a comparison of different offers for online instalment loans often offers further savings – up to 2.5% on average compared to a classic consumer loan offer from the house bank.

In this respect, the recommendation on the subject of loan comparison can only be as follows: Not only “want” but also “do”. Which in the case of taking out a loan will then also be noticeable in the long run in your wallet.