Supermarket loans ‘to grow in popularity’

Those seeking loans may increasingly turn to supermarket lenders over the next 12 months, as the “marketing potential” for such stores is huge.

This is according to banking specialist with Defaqto David Black, who noted that Tesco has announced plans to expand into the mortgage and current accounts sector.

He stated that food shops have “a lot going for them” regarding their reputations, adding that it is certain that gains in market share will be seen by supermarkets in 2010.

And Mr Black advised consumers to keep their eyes open regarding any new products that are brought out, saying: “You’ve got to pick and choose.”

“It’s very easy to find out what the best deal is,” he continued, given the “proliferation” of newspapers detailing “best buy tables” and the number of price comparison websites that exist.

Mr Black was commenting after a recent survey from uSwitch.com found that people are increasingly satisfied with the services provided by supermarket giants such as Tesco, while Lloyds TSB, Halifax and Natwest are out of favour for almost two million customers.

By Sarah Adie

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