For this task I am going to compare three different types of loans which are provided by Halifax, NatWest and Alliance and Leicester. I have chosen to get a loan from these banks because they are reliable.

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For this task I am going to compare three different types of loans which are provided by Halifax, NatWest and Alliance and Leicester. I have chosen to get a loan from these banks because they are reliable.

Halifax Personal Loan

Whether you're thinking of changing your car, making some home improvements or looking to simplify your finances into one manageable monthly payment, applying for a Halifax Personal Loan is quick and easy. Plus, you don't have to make any repayments for the first three months!

Rate of Interest: 6.4% typical APR for loan over £7,000

Alliance and Leicester Personal Loan  

Alliance and Leicester lets you borrow an amount of money between £5,000 -£20000 with an interest rate of 6.1%. It also lets you take loans for up to 5 years with low, fixed monthly payments.

NatWest Personal Loan

NatWest offer a selection of loan products tailored to meet our customers' varying needs. So, whether you're looking to buy a new car or conservatory, need a financial boost during your studies or require a helping hand as a graduate, they’re there to help. Their rate for fixed-rate personal loans of £10,000 or more is just 7.4% APR typical.

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I have chosen to take up a loan from Alliance and Leicester because they have the lowest interest rate of the three, which means I won’t have to pay as much interest as I would to NatWest or Halifax. By choosing Alliance and Leicester I will be saving more money. I have taken up a loan because I need money for my start-up finance. Start- up finance is money used to buy the resources needed at the beginning, such as equipment and stock need for the shop. Without this type of finance there is no way ...

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When the student compares the three different banks for the personal loan, the report should contain a table which can be used to input all the information which is necessary to make the decision. This would allow the student to view all the features of each bank at an quick glance and make a decision within an accurate and timely manner.

The student has listed a number of products that there are going to purchase, however there haven't justified any of these. For example, the report could include 'The store will need to contain a number of security systems. One of these is the use of a security tagging, whereby if a consumer were to walk out of the store without paying, the alarm would go off. This would ensure that all items are paid for within the store, and reduce the amount of stock from being stolen. Thus, increasing the amount of profit from the store'.

The report is quite limited. The report compares three different personal loans, and states a number of items which are going to be purchased for the store. However the student doesn't state all the necessary information to choose an appropriate personal loan. In addition, the student doesn't justify any of their purchases, which is going to be funded though their personal loan. The student states three different banks, and compares the different features on each one. Although this section is quite brief and doesn't state some information which is necessary. The student should state any potential charges, if the student were to undertake a certain action/late payment. The student cannot make the decision at this stage, as I feel that there isn't enough information. By having all the information within the report, this would allow the student to make an informed decision. The student has also stated a number of items which there are going to purchase using the money from the personal loan. However the student doesn't explain that there are going to use the money from the loan to fund the items. This should be explained within the report, to allow the exmainer to understand with ease.