LONDON, July 2, 2012 /PRNewswire/ --

Consumers are due to head to price comparison websites, such as comparethemarket.com, with the news that the Bank of England is enacting plans to make bank loans cheaper and easier to secure.

This month, the Bank of England will begin offering cheap cash loans to high street banks with the aim of reducing the funding costs of banks and allowing them to pass the savings onto consumers and businesses. The plans are specifically designed to increase the availability of lending schemes in an attempt to stimulate economic growth.^[1]

With the anticipation that the policy will lead to better terms and rates, consumers are likely to take the opportunity to seek a good deal on a loan.

Simon McCulloch, Director at comparethemarket.com said: "This move by Bank of England is intended to improve the availability of loans and consequently many consumers may consider that now is the right time to apply. An easy way to find a good personal loan is to visit comparethemarket.com and compare rates from across a range of providers. With our easy-to-read best buy table, visitors can quickly compare information such as provider, product, representative APR, total amount repayable and monthly repayments to find the best loan to suit their needs."

Specialising in more than just credit cards and loans, comparethemarket.com provides customers with an easy way to find the right deal on a wide range of insurance and financial products including car insurance, home insurance, van insurance, bike insurance, life insurance and pet insurance.  It also offers comparisons for a range of household utilities including electricity, gas, phone, broadband and digital TV.

^[1]http://www.guardian.co.uk/business/2012/jun/15/bank-of-england-loans-to-high-street

About comparethemarket.com

• comparethemarket.com was launched in 2006 and has grown rapidly over the past six years to become one of the UK's leading price comparison websites.  
• comparethemarket.com provides customers with an easy way to make the right choice for them on a wide range of products including motor, home, life, travel and pet insurance as well as utilities and money products such as, credit cards and loans.
• comparethemarket.com actively selects its brand partners, working with the best and most trusted organisations to ensure quality service to consumers.

comparethemarket.com is a trading name of BISL Limited.  BISL Limited is authorised and regulated by the Financial Services Authority.

Registered Address: Pegasus House, Bakewell Road, Orton Southgate, Peterborough, PE2 6YS. Registered in England number 3231094.

SOURCE comparethemarket.com