Latest Debt News
Surge in online loan applicants
15/12/2005 17:11:00
The number of loans purchased online is rising, new figures show.
Research by Sainsbury's bank and GfK International predicts that the number of loans completed over the internet will increase by up to a quarter this year.
GfK predicts that by June 2006, 4.8 million people will have applied for a financial product online in the previous 12 months. This is up from 3.9 million people during the same period in 2004-05, representing an increase of 23 per cent.
Credit card applications have become the second most popular financial product online, as more people seek easy ways to gain money on credit.
GfK attributes the surge in the number of people applying for a personal loan on line to a recent change in the application process.
The government changed the rules to allow consumers to complete the entire application online, rather than signing documents and returning them by post. Following this shake-up, the number accessing easy credit immediately rose.
Recent figures showed that Britons have the highest level of personal debt in Europe and exhibit a positive attitude towards borrowing.
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