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    Do Customers Really Think in Ter...

Do Customers Really Think in Terms of Card or Loans?

Visit any price comparison website, and you are quickly funnelled into a comparison of either credit cards or loans. They are treated entirely separately and assume that the customer has a clear need for one product type or the other. However, is this the case? There are distinct differences between credit secured by a loan and from a card regarding the release of funds and the repayment or revolving nature of the facility. Also, it has traditionally been the case that cards would service customers with lower borrowing amount needs, loans the higher amounts.

Blurred lines

Recent product and market developments, however, have blurred these traditional lines of separation. It is now possible to secure a loan which offers credit on a revolving basis (i.e. can be drawn down as needed). It is also possible to take a ‘money transfer’ credit card from to release funds to you for transfer into a bank account. Micro loans are now also increasingly being offered to customers for amounts of less than £1,000, and there are high-credit-limit cards that make tens of thousands of pounds available to prime customers. With both loans at record low rates (<3% APR) and credit cards offering record balance transfer periods (>42 months), there are great options for customers on either side of the fence.

Full spectrum eligibility

It is important that anyone offering consumer credit tries to understand the customer need and offers the best products that they are eligible for across the spectrum of cards and loans. At TotallyMoney we continue to develop our customer experience in line with this and we're working hard with our credit card partners to deliver greater transparency on the actual credit limits being offered earlier in the customer journey. This transparency will enable our customers can make better, more informed choices across credit cards and loans.

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TotallyMoney is an independent credit broker, not a lender. Our comparison service works with most leading lenders, covering the majority of the market. Though we may be paid a fee by lenders or brokers this never influences how our products are ranked.

We don't provide financial advice. Product information is obtained from independent sources and rates displayed may vary depending on your personal circumstances. While we make every effort to ensure that information is up to date, you should always confirm the terms of the offer with the product provider.

TotallyMoney is owned and operated by TotallyMoney Limited which is registered in England and Wales (Company Registration Number 06205695). TotallyMoney Limited is an Appointed Representative of TM Connect Limited, which is registered in England and Wales (Company Registration Number 06967012) and authorised and regulated by the Financial Conduct Authority in respect of consumer credit related activities (FCA FRN: 511936). Trading Address and Registered Office: Chapter House, 16 Brunswick Place, London N1 6DZ. Credit is available, subject to status, only to UK residents aged 18 or over.

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