A recent market research says that the personal debt in UK is increasing by £1 million every 4 minutes. Doesn't this sound astounding? But, this is a reality in the UK.
According to recent research conducted at the end of February 2007, an average amount that a consumer borrows via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has increased to £4,525 per UK adult.
Brits take personal loan for various purposes. Debt consolidation is one of them. A research says that the biggest cause of stress for most Britons is money (with 51 per cent accepting it). Over one million UK adults are currently falling behind in payments and a further two million are constantly struggling. In a separate research by BBC Breakfast, it was suggested that more than a quarter (27 per cent) of Brits were anxious about how to pay their bills.
Many people take out a personal loan to overcome these problems. These loans are commonly used to pay the pending credit card bills and store card bills. The interest rate charged by credit card companies is much higher than the one charged against personal loans. Therefore, many people take these loans and use it to repay the bills.
Unsecured personal loans do not even require you to provide your home as a security. That is why tenants opt for this loan. But, if you are a homeowner you can give your home as a security to the lender and get a secured personal loan at low interest rate.
Considering its multiple uses, there is no doubt that personal loan is one of the most popular loan products in the UK. Since online lenders provide a quick access to loans, you can apply with them to get a personal loan. The online lending market is attracting more and more customers due to quick loan processing and the convenience of applying for a loan. Online lenders also offer you different loan plans to choose from.
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