Choosing a personal loan can be tough. With dozens of lenders in the market offering hundreds of different products, finding the best unsecured loans isn’t always easy. So, to help you navigate the loan minefield, our guide looks at three of the features that are shared by the best personal loans.

1. A low interest rate

When you compare personal loans, the interest rates on offer are the first thing you are likely to consider. With fierce competition in the personal loan market, lenders are offering increasingly competitive rates in order to attract new business.

Bear in mind that rates often change depending on the amount that you wish to borrow, and that depending on your credit score you may well be offered a higher interest rate than that advertised.

However, the best unsecured loans often have the lowest rates.

2. Low or no early repayment penalties

There are countless reasons why you may end up wanting to repay your personal loan early. You may have a lump sum that you want to use to repay the debt or you may want to consolidate the loan at a later date.

The best personal loans will have little or no penalties for early repayment. Always check whether you can repay your loan early and, if so, whether the lender will penalise you for doing so.

3. An easy application process

After you compare personal loans, it can be frustrating to discover that your chosen loan has a complicated and lengthy application and approval process. You may have to complete a paper-based application form or wait a week or more for a decision.

The best personal loan providers understand that you’re a busy person and let you make your application online. They will also give you an instant decision so you know straight away what you can borrow and at what interest rate.

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Prepaid credit cards are one of the biggest growth areas in financial services. While other countries have embraced the benefits of the everyday prepaid card for some years, it is only now that UK consumers are heading online in numbers to compare prepaid debit cards and credit cards.

There are a number of advantages to these types of card and our guide outlines four of the most convincing reasons why you should consider adding an everyday prepaid card to your wallet or purse.

1. They are secure

Prepaid credit cards allow you to load up a card with cash which you can then spend on goods or services or withdraw at an ATM. One of the main advantages of an everyday prepaid card is that it is a more secure way of carrying money because you benefit from Chip and PIN technology and you don’t have to carry ‘hard cash’, which is easier to steal and use, around with you.

Rather than carrying large sums of cash, you can load up your prepaid credit cards and withdraw money as and when you need it. Other prepaid card security measures include encrypted online account management and fraud protection. You can benefit from all the security you’d expect from a leading card without the interest charges associated with most credit cards.

2. No interest charges and low fees

Prepaid credit cards don’t carry any interest charges as you never use the bank’s credit. This is because there’s no overdraft facility and you can only withdraw the cash you have pre-loaded on to the card.

When you compare prepaid debit cards it is also worthwhile taking any fees into account. Prepaid cards charge different fees so make sure you know exactly what fees and charges you’ll pay before you sign up.

3. They are easy to manage

One of the main advantages of an everyday prepaid card is that it makes it easy to manage your finances. As you can only spend the money that you have loaded on to your card you can’t go overdrawn, helping you to avoid overspending. This makes prepaid cards perfect for helping you more carefully manage your expenditure.

Most prepaid credit cards have round-the-clock customer service online or via telephone banking.  This means you can check your balance by logging on and entering your prepaid security details at any time of day or night. You can typically make payments, top up your card and review recent transactions.

4. You can use them overseas

An increasing number of British consumers are using prepaid credit cards as an alternative to traveller’s cheques, foreign currency and credit cards when overseas. You can load up a prepaid card with your holiday spending money before your departure and then use the card while abroad to pay for goods and services or to withdraw local currency from an ATM.

Rather than carrying large sums of foreign currency or traveller’s cheques on you while you are on holiday, you can simply use your card to pay for car hire, accommodation and meals or use it to withdraw cash when you need it.

If you’re planning to use your card abroad, make sure you check out whether it is accepted overseas when you compare prepaid debit cards.

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Planning your travel money when you’re heading abroad on holiday is one of your most important concerns. While a recent survey has found that cash, credit cards and debit cards remain the most popular methods of spending abroad, more and more people are turning to prepaid debit cards as a safe and convenient option.

Brits still taking cash abroad

A recent survey from the International Currency Exchange (ICE) found that over 96 per cent of travellers used local currency for transactions abroad, followed by credit cards (65 per cent) and debit cards (27 per cent).

Janet Johnston, ICE Travellers Cashcard Product Manager, believes that consumers are missing a huge opportunity by not considering a prepaid travel card.

She said: “Prepaid cards are not only more secure for travellers but are a charge free method of paying for goods and services abroad.

“While prepaid cards have really hit off in the US they are still a relatively new phenomenon in the UK and many travellers are sticking to hard currency and Travellers Cheques when planning their holiday money.”

Lots of benefits for a travel credit card when abroad

Prepaid debit cards allow you to top up your card before you leave and then to use the card to pay for goods and services or withdraw cash from an ATM while you’re away.

Ms Johnston adds: “Prepaid cards offer huge benefits to travellers – chief of which is the fact that you won’t get stung on credit and debit card transactions. The rate of exchange is also more competitive than credit and debit cards and the card is PIN protected offering much greater security.  Even if the PIN got into the wrong hands only the amount on the card could be taken, unlike a credit card.”

There are now lots of prepaid travel card options in the UK and so make sure you compare prepaid credit cards before you sign up. Check out the fees and charges and the ease of use before applying for your chosen travel credit card.

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Did you compare broadband deals before you signed up, or did you simply take a package with your existing TV or telephone provider?

Recent subscriber figures from Sky, one of the UK’s leading broadband providers, show that more and more people are switching to the satellite TV provider for their broadband. Sky signed up 155,000 new broadband subscribers in the first three months of 2011 taking its total number of internet subscribers to 3.2 million.

While more and more people are turning to their TV and phone providers for broadband, it’s vital that you undertake a broadband comparison before you sign up.

Broadband bundles through your existing phone or TV company

The recent subscriber figures show that one in four Sky households now receives broadband, TV and a landline from the company. So-called ‘broadband bundles’ are often popular with consumers as buying multiple services from one provider can sometimes save money. Indeed, Jeremy Darroch, chief executive of Sky, recently stated that many consumers are looking to save money by signing up for broadband bundles.

However, to get the very best deal it is important that you compare broadband deals before simply signing up with your existing TV or phone provider.

Undertake a broadband comparison before committing

There are plenty of websites that now let you compare broadband deals so that you can get the best price and the best high speed broadband. Quality, reliability and service vary from provider to provider and, depending on your household’s broadband needs, you may find that factors other than cost will determine which provider is best for you.

While over three million people believe that getting broadband as part of a deal with their TV provider is the right thing for them, you should always undertake a broadband comparison rather than simply signing up for a deal you have been offered as an existing customer.

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The number of current accounts that charge customers now exceeds the number of free banking accounts. That’s the conclusion of a recent report from the Financial Times which has found that free banking in the UK is in decline as more and more banks charge for banking services.

The newspaper reports that there are now 58 free accounts open to customers, down from 65 in 2009. Plus, experts expect this number to fall further in coming years as banks’ profits from banking falls.

Shop around for the best current accounts

While the best free bank accounts are now harder to find, the newspaper also reported that the range of benefits offered with packaged current accounts was rising. As the cost of banking has risen, the insurance products and other incentives offered with such accounts have also grown.

The Financial Times found that the average cost of a packaged account has risen from just over £10 per month in 2006 to more than £15 today. The Financial Services Authority (FSA) now estimates that more than 14 million customers pay a monthly fee for their current accounts.

Number of free current accounts set to decline further

The best bank accounts may all carry a fee in the future as experts believe that free banking facilities will continue to decline as profits from bank charges fall. In 2008, the Office of Fair Trading (OFT) estimated that the average yearly revenue made by a bank on a current account was £152, although legal challenges to overdraft fees and charges have reduced this.

While the best current accounts may increasingly come with a monthly charge, free banking is still widely available. At compareandsave.com, we carry details of the free bank accounts which still offer 24 hour service, a chequebook, online banking and nationwide ATM usage.

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Energy prices have risen sharply over recent years. Consumers have been forced to regularly compare gas and electric prices in order to save money as bills have increased on a regular basis. Now, a Government decision to introduce a carbon floor price means that electricity prices could rise both in the UK and in Europe.

Carbon tax may result in increased prices

IDEACarbon believes that the Government’s decision to impose a carbon tax of £16 per tonne from 2013 will increase prices both in the UK and overseas. The tax may result in more people having to compare electric prices as they are faced with a hike in their bills.

Alessandro Vitelli, director of strategy and information at IDEACarbon, believes that energy suppliers may pass the additional cost of the carbon tax on to domestic energy users as they increase their prices in reaction to the new levy.

Mr Vitelli also believes that electricity prices could rise across the whole of Europe because of the introduction of a carbon floor price.  He said: “There may be some unintended side effects of this that go beyond our borders. If UK power prices go up because of the additional cost of carbon involved it might provide an incentive to power generators in other countries who can be connected in the UK to start showing here.”

Another reason to compare electric prices

With energy prices rising on a regular basis, it really is important that you compare gas prices and the cost of your electricity to ensure you don’t pay too much. There are lots of websites that allow you to compare a number of different tariffs from the leading energy companies in order that you can find the right pricing plan for you.

So, if you’ve never had time to compare gas and electric prices, or it’s been some time since you last reviewed your utilities, why not head online today to see what you could save?

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If you’re looking to improve your home, finding the cash can be one of the major factors that you have to consider. With a recent survey from a financial website finding that the average amount borrowed by homeowners to improve their property is £14,000, finding the right loan or credit card can be crucial to the success of your project.

And, with one in five owners having taken out borrowing to fund their work, using reward credit cards can be a great way of picking up additional perks.

Accumulate credit card rewards on your home improvements

The survey found that Scottish homeowners had spent an average of £6,000 on their home improvements, while West Midlanders had spent £30,000. And, while personal loans are a popular way to pay for a refit or redecoration, credit cards can also be a good way of funding the work.

Reward credit cards can help you build up cash back, vouchers or other rewards simply for using your card. Credit card rewards are awarded in proportion to the spending you make on your plastic so you can accumulate rewards quickly if you are paying for large scale goods or services on your card.

You may be able to benefit from Air Miles, vouchers or cash back simply for paying for home improvements or buying your supplies using your reward credit cards.

Compare credit cards to get the best deal

If you’re planning to fund your home improvements using a credit card, it is vital that you do your homework. You should compare credit cards so you can see all the offers available to you and get the best deal and to make sure that you don’t end up paying a high interest rate on your spending.

At compareandsave.com you can compare cards before applying online immediately. We also offer instant decision cards meaning you’ll know straightaway whether you’ve been approved for the credit that you need to pay for the work.

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British energy consumers have been buoyed by a change to gas and electric pricing which will force energy companies to give customers prior notice of price changes. The rule, introduced by the energy regulator Ofgem, insists that gas and electric companies must now give customers at least thirty days’ notice of price increases.

The aim of the change is to give consumers more chance to compare energy prices after notification of a price rise. It also aims to increase competition by allowing people time to switch to another provider.

Change will give consumers time to compare gas and electric

Previously, energy suppliers were able to provide notification of price rises after they had come into force.  Now, however, customers will find out in advance. Ian Marlee from Ofgem told BBC Radio 5 Live that “consumers will now have at least 30 days’ advance notice of any price rise”.

Once consumers have received notification of a price rise they will now be able to compare energy prices with other providers in order to make an informed decision about the costs of their gas and electric. It also provides sufficient time to switch supplier for a better deal.

Mr Marlee added: “It’s about increasing competition and transparency in the market.”

Head online to compare gas and electric prices

Until proposals to change the way that energy suppliers price gas and electric tariffs, it can be difficult to compare energy prices between suppliers. There are currently dozens of different tariffs depending on usage, whether you switch online or whether you take both gas and electric through the same supplier (a ‘dual fuel’ deal).

Using a comparison website can be the easiest way to compare gas and electric prices. By providing your postcode and existing energy usage it is possible to establish which of the various gas and electric tariffs will be the most economical for you – and all at the click of a mouse.

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Banks offer a wide range of incentives to consumers to encourage them to switch their banking.  Packaged current accounts often offer travel insurance, an interest-free overdraft and mobile phone protection to account holders who move their current account, while some deals offer preferential rates on other financial products.

Now, however, a leading newspaper has found that some of the best packaged bank accounts offer poor rates of interest on bank savings accounts. While many banks advertise ‘preferential rates on savings’, the reality is that rates on offer can often be very low.

The best packaged bank accounts

Banks have increasingly managed to sell customers so-called ‘packaged current accounts’ over recent years with the Financial Times suggesting recently that over a quarter of consumers are thought to have been sold such an account. These products have a monthly charge but offer a range of insurance and other benefits in addition to standard banking facilities.

The FT has found, however, that the rates offered on bank savings accounts frequently fall below the Bank of England Base rate of 0.5 per cent. The newspaper highlights two leading banks who charge for their accounts but offer rates of 0.2 per cent or below on savings.

Banks have defended the low rates, pointing to the high cost of providing banking facilities and the record low Base rate.

Compare bank accounts with other products

When you compare bank accounts it is worthwhile checking both standard and packaged current accounts. You may even be better with a separate bank account, high interest bank savings account and specialist insurance rather than taking the best packaged bank accounts.

This is a view shared by the City regulator, the Financial Services Authority (FSA).  The FT reports that ‘the FSA has suggested that customers are often better off purchasing services offered within these accounts separately, or not at all.’

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A leading authority has called for changes in order to make it easier for consumers to switch their UK bank account. The Independent Commission on Banking (ICB) has made a series of recommendations which would make it easier for UK account holders to compare bank accounts and switch their banking from one provider to another.

Switching a UK bank account is too difficult

The conclusion of the report from the ICB found that conditions were ‘generally poor’ for consumers because of complicated and confusing accounts, the difficulties in switching a UK bank account and too much concentration in the market.

The ICB also recommended changes to the bank account switching process to overcome these problems. For example, the Commission recommended that consumers should be able to compare bank accounts and switch provider without changing their account number. So, if the changes were put in place, you’d be able to switch from NatWest to Santander bank accounts while keeping the same account number.

The report said: “There is reason to believe that a radically improved system for switching accounts could and should be introduced at a reasonable cost within a short timescale.”

Compare bank accounts to get the best deals

While improvements to the UK bank account switching process might be long overdue, the fact is that it is much easier to move your bank account than it was several years ago. Banks will now look after the transfer of all your direct debits and some deals, such as on Santander bank accounts, offer cash or other incentives to encourage you to switch.

If you are considering a new bank account, make sure that you do your homework. With dozens of accounts available it’s vital that you compare bank accounts in order to find the product that offers the right combination of rates, service and benefits.

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