Personal Loans- Borrowers Friend in Time of Need

By: Angelo Drew

Recent figures released by Halifax Bank reveals that personal loan gender divide still remains. The bank further stated in its annual report that debt consolidation is still the most popular reason for borrowers to take unsecured personal loans. Most borrowers, especially women, take personal loans to pay off their credit card dues and shopping expenditures. Here are some of the interesting facts on personal loans in the UK.

  • The percentage of women taking personal loans is far greater than men

  • The women owe over ?20 billion as unsecured loans

  • Debt consolidation is still the most popular reason for availing personal loans

  • Men take more personal loans to buy cars than women

  • Personal loans taken for home improvements are third in the race

  • UK increased its spending on DIY by 76% over the last ten years

  • January is the most popular month for sorting out personal household finances

    It has also been found that despite several interest rate increases over the past one year, the inclination of borrowers towards personal loans is mounting high. Most high street banks have adopted stringent policies for granting unsecured loans, owing to the alarming personal insolvencies in Britain recorded last year. Following are some of the features of personal loans that attract borrowers towards them.

  • The borrower can choose from secured or unsecured personal loan as per his wish

  • Unsecured loans don't require any asset to be placed as security

  • The amount granted for secured personal loans ranges in between â‚?5000 to â‚?250,000

  • Secured personal loans attract low interest rates

  • The amount for unsecured personal loans generally ranges in between ?500 to ?25,000.

  • Unsecured loans have fast processing and approval process

  • Nowadays, personal loans are also available to those with bad credit records i.e., people with arrears, defaults and missed payments

    So, if you are in need of finances, apply for personal loans.

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