1.
Introduction - More choice than ever before
TIME was when we had little choice
if we needed to arrange a loan. The first port of call was
typically the High Street bank, or local building or friendly
society. We would then have to rely upon the benevolence of the
manager - and of course a decent credit record showing that we
were a good risk when it came to repaying money borrowed.
The amounts we could borrow were restricted, and even up to just a
decade or so ago, going cap in hand for sums above £10,000 was
virtually unheard of. Today however the situation is radically
different. As a nation we collectively owe in the region of one
trillion pounds - yes, one trillion - comprised for the most part
of mortgage, credit/store cards and personal loans.
One of the reasons for this massive uplift in debt is the easy
availability of money. Whereas we used to be limited to the High
Street when wanting to borrow significant sums to buy a car, say,
or maybe to help finance other major projects, in 2005 there are
endless avenues open to us.
Along with the High Street lenders - some of whom offer the most
competitive rates available in today's fiercely competitive market
- we can now log onto the Internet to source a personal loan, or
pick up the telephone to arrange an in-principle loan via a
finance company in a matter of minutes.
As a financial data comparison site, Moneynet.co.uk can point you
in the right direction for the best deals to meet your needs.
There is a bewildering choice, and not all of them will be right
for you.
For example, some loans impose hefty penalties should you want to
pay them off earlier than the agreed borrowing period. The golden
rule is always to read the small print before signing for a loan.
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