The average rate on a £5,000 personal loan is around 10.8%, based on Which? data from October. However, the best buy personal loan rate for that amount is just 7.2% (from Tesco Bank).

Assuming you borrowed over three years, you'd save more than £98 a year in interest by shopping around for a cheaper loan. 

See our roundup of the best rates available today in our personal loans roundup.