Online loans will retire the high street
The days in which consumers would walk into their banks or building societies local branch for a quotation on a personal loan, will soon become a thing of the past according to experts.
National statistics show that more people than ever on turning to their PC’s as the first port of call for a personal loan quotation, favouring the ability to compare a number of loan plans for the cheapest market rate, rather than relying on their own bank to come up trumps.
British consumers want more choice, and greater value for their money, which the Internet provides in spades. Shopping online for a personal loan is also far more efficient and of course, easier, than searching around the local high street, or even trawling through the phone book.
Some experts predict that the traditional means of shopping for finance, will be made almost redundant as we progress through the next decade, with most believing that it is nothing more than generational commitment which is keeping the current high street outlets alive.
There are approximately 100’000 searches for financial products each and everyday in the UK, with close to 15,000 online loan applications submitted to providers in the same time frame. The Internet is also suggested to have caused a boost in demand for a variety of different financial products, as consumers become more trusting and coherent in the online medium.
In related news, APACS have also revealed that the use of personal cheques is in rapid decline, suggesting that today’s younger shoppers prefer to make all of their transactions online.
