Brits failing to get best loans.

ALMOST four out of 10 Britons only get one quote before taking out a loan, a report has shown But failing to shop around for better deals could cost borrowers pounds 650million over the period of the loans.

Up to 13.8million people have taken out personal loans over the past five years, but research shows that 38 per cent obtained only one quote.

The study also found that 34 per cent think that they can only get a loan from a bank or building society if they have an account there.

The study found that 67 per cent of people who have taken out a personal loan since 2000 chose one from their own bank or building society, despite the fact that some banks offer some of the least competitive rates available