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UK Loans Market after the Credit Crunch10/21/2009 2:33:29 PM As the global Credit Crunch appears to have become the worst it can become economies across the world appear to be beginning to make recoveries – moving us away from the current worst economic slump in many years. Are we suddenly all going to become rich and everyone will get the jobs back that they lost? Unfortunately this isn’t going to happen short-term - and not even long or medium term. We can all but hope! Employment levels will take the longest of any of the effects of this economic slump to return. Businesses have had to look closer at how much money they are making and where they are making it – clearly resulting in cost cutting. Unfortunately that means peoples jobs. One aspect we will see is it will become easier to borrow money. Individuals looking to borrow £30,000 in secured loans or homeowner loans to businesses looking to borrow big amounts of money to expand – it will become easier. Banks have been instructed to try and move money around “the system” more freely and with some UK banks having been bailed out by the UK Government then there is pressure on banks to move money around. Let’s hope they do this. That said, and for good reason, I do not think we will return to the days when money was being leant to people who really could not afford to borrow it. There will be stricter rules in future and borrowing that happened in the early 2000’s of being able to secure a loan above and beyond the value of equity in your property I believe are never to return. Written by Frank Polenose of Instant Loans, Debt Advice and Cheap SEO |