Debt consolidation is #1 reason for Brits to take out a personal loan
A survey of 1,000 users found that almost half (46%) of respondents were applying to consolidate, with home improvements (23%) and car loans (22%) the other most popular reasons. In what can only be regarded as a sign of the tough economic times, loans for “luxuries” such as holidays (3%), and weddings (3%) lagged a long way behind and business loans (2%) and medical bills (1%) made up only a fraction of borrowing requests.
The results of the survey seem to reflect the tough economic situation many consumers find themselves in at present. The fact that they feel the need to consolidate existing debts serves to illustrate dramatic changes in their own circumstances. Many people are losing jobs or feeling the pinch with mortgages, household bills etc. Consumer credit is now difficult to secure, so borrowers are turning to sites such as thelendingwizard.com for support and to try and find a way of securing some extra cash. It is also interesting that people are looking to make improvements to their homes at the expense of other luxuries, in order to be well-positioned for when the housing market recovers.
Whatever consumers need a loan for, it’s vital that the information they receive is prompt, transparent and accurate. Sadly, this is not always the case with existing aggregator sites - as they are often not the quickest, most efficient or the cheapest way of finding a personal loan. In fact, many employ an application process that can potentially damage consumer credit ratings and as a result actually reduce the chances of borrowers securing a loan.
