25 July, 2008

According to one report, secured loans are getting popular among the parents to pay for their child’s education. Parents in highest amount prefer to pay school fees of their children by taking secured loans.

Article Alley States A revealed that some 18,000 loans, including secured loans loan were taken out to pay for children's education.

According to news provider reports, the analysis of government by Sainsbury's Finance shows that these loans are for £165 million in total.

It recommends to those who are looking for a secured loan to be careful and search efficiently for the best deal, as due to stiff competition among the lenders their interest rates may vary. So drawing comparisons among deals offered by various lenders is the right way to choose the best deals and also adds: "In the current economic climate people, experts suggested that people should try to secure their assets to make them more vulnerable."

The report revealed that the average people have opted for £9,000 to pay off the school fees of their children.

According to the figures published by Halifax this month, over the last five years the private schools have raised their fees by an average of 40 per cent that is more than double the 18 per cent rise in the retail price index.

At present, the cost of a private education is at the number third position of average gross earnings.