(1888PressRelease)
January 21, 2007 - London (loans-bazaar) 16 January 2007: Sainsbury's bank has revealed that thousands of Britons are taking personal loans to pay off their tax bills. The tax bills of these people have exceeded their budget and they are applying this method to cope up with it. While some people want to make up the shortfall, others want to pay the whole bill with such loans.
As estimated by the bank, the average loan amount taken to pay tax bills will be £10,885.
The bank estimated that between January and March of 2007, consumers across the UK will take out just under 450,000 personal loans. The total amount to be taken out will be around a massive £49.76 million.
Consumers are advised by the bank to shop around for the best loan deal.
Loans manager at Sainsbury's Bank, Steven Baillie, said: "Some people can find themselves facing a tax bill that is considerably higher than they had been expecting and to help cover this, will take out a personal loan."
Mr Baillie added: "With the 31st January deadline just around the corner, those doing this need to ensure that they have shopped around for a competitive rate, can get an instant decision and access to the funds as quickly as possible, and whatever they do, don't incur the £100 late penalty."
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