Research shows that there is going o be a substantial raise in the number of people opting for a personal loan. The beginning of the New Year always registers a heavy traffic in the UK loan market because after a month of prolific spending, Britons prepare themselves to cinch the financial belts a notch tighter.
Impending dues, heavy interest on credit cards coupled with payday blues ensures that many UK residents flock to the Loan bazaar to avail personal loans. Although, there are many financial products in the market, unsecured loans score big time with the loan seekers due to their easy availability and fewer legalities.
One of the biggest factors that work to its advantage is that unsecured loans UK can be availed without placing any collateral. This makes it an easily accessible loan from the point of view of students, self employed, elderly citizens, homeowners, as well as tenants. Although, its interest rate is comparatively higher than a secured loan, unsecured loans UK still tops the popularity charts. The interest charged against purchases made by credit cards can be as high as 30 percent. The annual percentage rates (APR s) of unsecured loans UK is much less than that. But legal action can be initiated by the lender if there is a default in repayment of the monthly installments.
In fact a study of the spending habits of 1,500 Britons reveals that over a quarter of Britons i.e. 27 percent admit to not having enough money to save or invest. In fact, quite a number of them don’t know their personal credit ratings. These figures point out the financial situation of most of the Brits. Interestingly, an overwhelming number of families, 1.48 million to be exact disclose that it would take them nearly six months to recover from the New Year debt burden.
If you are thinking of taking a loan, you better do some quantitative research online. There are a number of online lenders, as well as traditional banks that offer unsecured loan deals at attractive rates.
The author is business writer specializing in finance and is currently assisting http://www.longdogfinance.co.uk, as a finance specialist.
Source: http://ezinearticles.com/?Unsecured-Loans-UK-Make-The-Most-Of-It&id=445285
Impending dues, heavy interest on credit cards coupled with payday blues ensures that many UK residents flock to the Loan bazaar to avail personal loans. Although, there are many financial products in the market, unsecured loans score big time with the loan seekers due to their easy availability and fewer legalities.
One of the biggest factors that work to its advantage is that unsecured loans UK can be availed without placing any collateral. This makes it an easily accessible loan from the point of view of students, self employed, elderly citizens, homeowners, as well as tenants. Although, its interest rate is comparatively higher than a secured loan, unsecured loans UK still tops the popularity charts. The interest charged against purchases made by credit cards can be as high as 30 percent. The annual percentage rates (APR s) of unsecured loans UK is much less than that. But legal action can be initiated by the lender if there is a default in repayment of the monthly installments.
In fact a study of the spending habits of 1,500 Britons reveals that over a quarter of Britons i.e. 27 percent admit to not having enough money to save or invest. In fact, quite a number of them don’t know their personal credit ratings. These figures point out the financial situation of most of the Brits. Interestingly, an overwhelming number of families, 1.48 million to be exact disclose that it would take them nearly six months to recover from the New Year debt burden.
If you are thinking of taking a loan, you better do some quantitative research online. There are a number of online lenders, as well as traditional banks that offer unsecured loan deals at attractive rates.
The author is business writer specializing in finance and is currently assisting http://www.longdogfinance.co.uk, as a finance specialist.
Source: http://ezinearticles.com/?Unsecured-Loans-UK-Make-The-Most-Of-It&id=445285
