Is 2016 the year of the personal loan?

At the end of 2015 the Bank of England revealed that it was a significant year for the personal lending industry, with lending reaching the highest level since before the 2008/9 banking crisis. In October 2015, consumer lending increased at an annualised rate of 8.2%, the highest level since February 2006, indicating that the personal finance industry in the UK is more popular than ever before – with no signs of slowing in 2016. It’s also worth noting that car loans were one of the most popular types of lending, with an increase of 9.6% the highest increase for a decade. So, what is it about the lending industry that is so attractive right now? Loans for everyone The diverse nature of the UK lending industry means that there is a loan option for just about everyone. If you don’t want to deal with mainstream lenders then doorstep loans offer a more traditional, face-to-face type of lending. If you’re looking for short-term loans for small amounts then payday loans are perfect.


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