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lenders

Consumer Loan Market Is Growing

New York, NY, USA, 2018-Jul-03 — /EPR FINANCIAL NEWS/ — During last ten years, there were significant investments in the personal loans market. It was possible due to the inflow of capital and innovative technologies, which caused a doubling of the market.

Although, according to many financial websites, originations of personal loans are falling. It started with refusals to borrowers with a credit rating below 600, which didn’t take place since 2012.

Despite the decline in the origination of loans, all other data shows an increase of interest of the borrowers to this bank product.

The market for unsecured loans grew by 10.8% in 2017. And financial analytics are talking now about a great prospect for the development of this market segment.

According to statistics in 2017, 10% of respondents applied for a personal unsecured loan, a greater interest was shown to credit cards (65%) and auto loans (26%).

Banking CEOs are Concerned About FinTech

The lending market has a long history and now it is experiencing one of the most historical phases.

One of the biggest changes became a rapid development of FinTech (financial technologies).

Several years ago banks and other traditional financial structures were skeptical about online loans. Now 81% of banking CEOs are worried about such fast FinTech development.

Such concerns are reinforced by the fact that financial Internet structures have become quite competitive. Applying to a lender online, via a certain website connecting the customers with the direct service providers, the borrower gets a wide choice: unsecured personal loans, same day loans, debt consolidation etc. In addition to this sophisticated credit models and new anti-fraud mechanisms makes online financial services more attractive than banks.

The Most Popular Loans

According to the last statistic data, the most popular loan products are unsecured personal loans and installment loans. These loans are the most convenient and profitable for the borrowers. Same day payday loans are also popular, but they are most often used in urgent cases when money is needed for a short period of time. In such cases, 24/7 loans are more convenient, since it is easy to get and the money is being accrued to the bank account of a borrower in short period of time.

The thing that makes personal loans one of the most attractive types of financial products is its uniqueness. It can be used for any purpose: making a big purchase, paying for a wedding or vacation, etc. However, the most common reasons for obtaining a personal loan currently are:

1. Debt consolidation (35%).
2. Household expenses (19%).
3. Medical expenses (9.9%).

Statistic data shows that the purpose of the loan doesn’t affect the chances of the borrower to get approved.

Summing up, the consumer credit market is experiencing rapid growth. Personal loans are attractive to the borrowers because of the affordable interest rate and quick receipt of funds. FinTech is developing and expanding, thus the number of lenders increases and the borrowers have a wide choice.

Via EPR Network
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Recently Launched Site Makes Loans Stress-Free

Most of us go through a time in our lives where you need to get some extra money to pay off bills or other things. It can be extremely stressful to know that you owe money for something when you simply cannot afford to pay it and that’s why payday loans were invented. In the past, applying for a loan was very stressful but thanks to payday loans it made the process easier.

However, a new site that has been recently launched, called QuickPaydayLoans.co.uk has made the whole process even easier than before. This is because they’ve implemented a 1-minute verification form. A spokesperson for the site said that “ever since we’ve added this simple form to our site, we’ve seen a huge increase in the amount of people applying for a payday loan” as well as saying that “the feedback that we’ve got from our customers have been really good, and we hope to improve the site even further in the near future for our loyal customers by making our borrowing terms even more easy for people to understand.”.

QuickPaydayLoans.co.uk is just one of the very few sites that have realised that people that want payday loans don’t want to spend too long filling in forms about themselves, and that’s why they’ve created this simple 1-minute verification form that shouldn’t take you more than 1 minute to fill in! The form only needs you to fill in some basic information about yourself like your name, email address, phone number and so on so it really is very quick and easy to apply for a payday loan.

Via EPR Network
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Raising road tax could mean more hardship for families already under severe financial pressure

Government plans to raise road tax for millions of motorists could mean more hardship for families already under severe financial pressure, says debt management company Gregory Pennington.

Commenting on proposed changes to vehicle excise duty, debt management company Gregory Pennington highlighted the negative impact the changes could have on millions of motorists already struggling to cope with escalating costs of living. The plans will mean higher road taxes for an estimated nine million motorists.

“Naturally, we applaud government efforts to protect the environment,” a spokesperson for the debt management company stated, “but these are tough times for families throughout the UK. The credit crunch, housing market uncertainty, record levels of personal debt and rising food costs – the cumulative impact can be overwhelming, and many motorists will struggle to cope with any extra burden on their finances, especially in the face of today’s unprecedented fuel prices.

“Particularly worrying, we note that many so-called ‘gas guzzlers’ are family cars. Many families would love to save on petrol and insurance by switching to a smaller vehicle, but for space reasons that’s simply not an option, as anyone with three children (and two prams) could tell you.”

An example: according to the Vehicle Certification Agency, a 1.6 litre Renault Scénic (petrol; 6 speeds) emits 182g of CO2 per km. Under current rules, this would fall in the E band and cost £170 for 2008/09, but under the new rules, it would fall in the J band and cost £260 in 2009/10. “With so many households already struggling to manage their debt payments, £90 could make the difference between climbing out of debt and sliding further into it – and many drivers will find themselves facing much larger increases, paying hundreds of pounds more.”

There are, however, debt solutions that can reduce monthly outgoings, such as Gregory Pennington’s debt management plan. “Our debt management plan was designed with flexibility in mind: when our customers’ expenses go up (or their income goes down), we talk to their unsecured creditors about making the necessary adjustments to their repayment plans. By freeing up funds that would have gone towards their non-priority debts, we help our customers stay on top of their priority commitments – the kind of debts that, if neglected, can rapidly land them in serious trouble.

“Even under normal conditions, a debt management plan offers a realistic, affordable path out of debt – but at a time like this, when people find themselves facing so many financial challenges simultaneously, borrowers have even more reason to select a flexible debt solution that can renegotiate their payments in line with changes to their disposable income.”

At the same time, debt management offers creditors a proven way of recovering the money they’re owed without resorting to any ‘extreme’ measures. “In the 15 years since Gregory Pennington was founded,” the spokesperson concluded, “we’ve found that most lenders would rather negotiate with a debt management company than resort to court action – accepting lower payments might mean the debt is repaid more slowly, but the majority of creditors will accept this, as long as the individual demonstrates they can make those payments reliably.”

Via EPR Network
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