At one time, borrowing money from the bank would have involved getting out the best suit and grovelling to the manager.
These days, banks ring customers at home and ask them if they want to take out a loan. In fact, they almost give you hard time if youre not borrowing.
Just as its never been easier its also never been quicker. You can pick up the phone and arrange to borrow money as quickly as you could book a table at a restaurant.
About two-thirds of the way up, somewhere between a credit card and a mortgage, is the personal loan.
A credit card these days means being able to buy that must have dress or CD before pay day, but more expensive single expenses, such as buying a car, paying for a wedding or doing up a house, its the personal loan that has taken over.
While credit card borrowing fell by 300 million in mid 2006, net lending on personal loans and overdrafts rose by almost three times the amount seen in June, the latest statistics from the British Bankers’ Association (BBA) show.
New credit card borrowing reached a four-year low reaching 7 billion, while personal loans and overdrafts grew in popularity, up to a net...
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