If you are looking for a loan then you may just look at the bank that you currently bank with. There are plenty of reasons why this might be a good idea, but there may also be some good reasons for looking elsewhere as well.
It is likely that you will trust your current bank or else you would not still bank with them. You obviously feel that their fees are good compared with other banks and so may feel that if you get a loan from them, then you will also get good rates. However, you will need to check this as you could find that there are other lenders out there that are cheaper and you could save significant amounts of money on a long term loan if it is cheaper. You may like the fact that you have a local branch or a good relationship with the bank or perhaps both and would feel that you would miss this if you were with someone else.
You may feel that you can get more chance of having a loan approved with a bank that knows you. This could be the case, particularly if you have a good credit record and have shown them that you can be trusted. However, if you do have a good credit record then there is no reason why other banks will not lend to you as well as they will be able to see that you can be trusted. It may just take them a little bit longer to check you out and find out about your history.
It may be that you think your bank will give you better rates than others. It is hard to know whether this is true until you speak to them. The advertised rate of a loan is not always the rate that you will be able to get. It can depend a lot on your credit record. Find out what rate you can borrow at and compare that with other lenders, making sure you speak to them about the rate you will personally get rather than their advertised rate. You will then be able to do a proper comparison between them.
You may feel that the loan can be arranged more quickly with your bank. They will not need to do ID checks, as they already have you as customers, but this does not take that long. It could speed things up a bit, but unless you need the money in a real emergency then it may be worth waiting a little bit longer to get a loan which is more suitable for your needs or cheaper.
It is well worth looking around to see what rates are available though. You will be able to look on lenders websites and there are also comparison sites where you will be able to compare the different rates on offer from a selection of lenders. If you want to get an even better idea of rates you could use a financial advisor. An independent one will charge you but they could find you a much better deal than you can find for yourself and so it could be well worth doing.
It is good to realise that the interest rate is not the only thing that you should consider when you are comparing lenders on price. They may also have admin fees or other charges and you need to consider those as well. Some may have to be paid and there may also be charges for not making payments on time, getting statements or other things and it is worth just looking into this as well, not just looking at the interest rate.
So although there may be some great reasons for using your bank for a loan, such a trust, speed and likelihood of being approved, it is worth looking elsewhere. You need to consider what factors are important to you when you are choosing a loan. It is likely that the cost will be a really big consideration particularly if the loan is a large one as a small difference in interest rates can make a significant difference to the overall cost of the loan. Therefore if your lender is not the cheapest then you may be better choosing a different one.