UK Personal Loans
How Internet banks shook up the lending market
The Internet has transformed the UK personal loans market. It's now possible to compare hundreds of different products to get the very best deal, and a range of Internet-only lenders offer exceptionally low interest rates and speedy decisions. The big banks have got in on the act, too.
These days, UK personal loans are available from all kinds of companies including supermarket banks and the new breed of Internet-only finance firms.
Some of the best known lenders don't exist outside the Internet, but they're backed by big names. For example Smile is owned by the Co-Operative Bank, and Egg's parent company is the Prudential. Because such firms don't have expensive high street premises, they don't have the same costs as traditional lenders – and they can pass the savings on to you.
The arrival of Internet lenders has transformed the UK personal loans market, and you'll find that almost every high street bank is joining the Internet party. In many cases you'll find that if you apply online you'll get a much better interest rate than you would if you dealt with your local branch, even though the loan comes from the same company.
Another key development in the UK personal loans market is the arrival of loan comparison services such as This Is Money and MoneyExtra. Lenders know that you can compare their products with other firms at the click of a mouse button, and as a result competition between lenders is fierce.
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