/24-7PressRelease/ - LONDON, UK - May 12, 2007 - According to MoneyExpert, a popular financial website, 1.39 million people have been refused credit for loans since September 2006.
This figure is partly due to the increase in the use of online application process - which means that loan seekers are not consulting with experts or checking their credit status before applying.
As a solution to this problem, experts say that the benefits of applying over the Internet are indisputable. Hence, loan seekers must shop around, seek proper advice and be aware of their financial standing to avoid facing a rejection.
Warning the borrowers, the chief executive of MoneyExpert Sean Gardner said: "Loan providers are getting tough so applicants shouldn't assume that, just because the loan is available online, acceptance is automatic."
Talking about alternatives, he said: "There are alternatives to unsecured loans. For example, homeowner loans are often just as competitive as unsecured rates... If you're regularly getting refused credit take your time to research your options before reapplying - there are many free tools online which can help you."
Loan seekers must shop around and choose wisely, as recent figures from data providers KDB suggest that people in the UK may have to borrow more in the future as the average amount of disposable household income has fallen.
Source of news: http://news.google.co.uk/
Original Link: http://www.moneyhighstreet.com/news/18114073+Consider+home+owner+loans+'over+other+types+of+borrowing'/
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