Getting what you want, when you want it
The modern financial market offers thousands of loan products from leading banks, building societies and lending institutions with a wider than ever range of products available, enabling the public to avail of quick money whatever their reasons or credit circumstances.
In the past, a loan was a big step and a serious undertaking. While it is not taken lightly today, it is nonetheless, a widespread solution for many with temporary cash flow issues or for those who simply cannot wait for a particular desire of theirs to materialise.
The Internet explosion and rise of other modern media outlets has enabled people to develop their knowledge on financial products and the easy flow of information has seen a shift in attitude towards understanding finance and making finance comparisons to get the most out of their money.
Hesitancy and nervousness about debt has dissipated as people are more become more educated about the benefits of building a credit history and balancing debts, and as a result are more prepared to accept an ongoing commitment to repayments as a functional and convenient process.
A loan is therefore viewed less as a major liability over time and more as a mutually acceptable business arrangement that runs its course for the benefit of both parties. Applying for a loan is now a straightforward process thanks to technological and regulatory advances, so much so that the negative images the word ‘debt’ conjured in the past are less relevant today.
In many cases, the process doesn’t even require the applicant to leave home, with loans approved online or over the phone with minimal paperwork or discussion. Public dislike of lengthy form-filling and administration has been duly noted by the finance world and now the emphasis is firmly on convenience, speed and efficiency.
This has led to strong competition between lending institutions and an interesting development has seen new players such as supermarkets enter the fray offering their own tailored personal finance products such as loans. Modern loans appear to be evolving and adapting to people’s needs in a similar vein to other, more commercial consumer products.
Once a loan has been approved, lenders are able to turn desires into reality, and these days loans are taken out for a variety of purposes such as weddings, holidays, funerals, cars, debt consolidation and even cosmetic surgery!
The repayment terms on UK personal loans – both secured loans and unsecured loans — can vary widely, meaning consumers should shop around for the best deal, particularly if they want specific terms like payment breaks. Such terms should be agreed on before the loan is taken out, as lenders frown upon such requests during the repayment period.
As a result, people are more likely to do their research and ensure that they that they are an eligible candidate for their desired loan choice before applying. Not too long ago, being rejected for a loan was unsurprising, but now things have turned full circle, with people rejecting loans that don’t offer enough value or convenience.
Paul McIndoe writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.