The UK loans market, along with the rest of the world, took a massive hit when the global recession took hold.
It could be argued that the Unsecured Loans market took the biggest hit. But why?
One of the problems that hit banks and lending institutions was the inability of some of their customers to pay back the money they borrowed. The debt “went bad” and the banks had to simply say they were never going to get their money back from some customers. The main source of these “bad debts” or “defaults” was from the unsecured loan and tenant loan market. Secured Loans and Mortgages have the security of the asset they are secured on so in some cases, but not all, they were deemed safer as assets could be gained if the debt could not be paid from the customer.
So, where does that leave the UK Unsecured Loan market now? A few years ago you would have had the choice of Blackhorse Finance for tenants and homeowner as well as Welcome Finance for tenants and homeowners. Blackhorse Finance will still lend to homeowners but Welcome Finance and Citi Financial have long gone in the UK broker loan market.
Payday Loans came from the US and have allowed customers to borrow from £100 to £1,000 on a very short term basis but the larger loans over a longer period seem to be an area of the market that is very hard to secure any borrowing. There are rumours that Payday Loans lenders may look at extended repayment periods and higher loan sizes but it is slightly unknown at the moment when this may happen.
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I just consolidated all my loans into 1. I suggest you consolidate your loans too. If you have any questions, just reply, I will be back later to answer some questions.
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I have regretably gotten myself into thousands of dollars in debt and need to make some forward progress. I would like to consolidate my loans but I am not sure of the best way to go about doing that. Does anyone have any advice?
With the real estate market hopefully picking up perhaps I will hire a new assistant and also have time to keep up with my blog
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