Homeowner Loans, Secured Loans, Debt Consolidation Loans And Bad Credit Loans Need A Kick Start To Aid The Economic Recovery
We are being told in the newspapers and television news with more certainty expressed than there has been for some time that there are now signs of the start of economic stability and growth. France and Germany are already officially out of the recession, and Britain is also believed to be out of recession, although this has not as yet been announced officially.
With sensible lending and well considered prudent borrowing being at the centre of a healthy viable economy, loans which have been conspicuous by their absence over the last two years will have to make a comeback to the level they were at two years or so ago. Perhaps not quite at the level of two years ago if we consider that some of the slack underwriting in the secured loan industry contributed to the state of the economy. These are such underwriting as the 125% LTV homeowner loan product which several secured loan lenders granted, and which formed a high percentage of their secured loan book.
The maximum loan available in this plan was normally £60,000. We will not see this plan returning in the near future.Bad credit loans have virtually also almost ceased to exist, and we do not really want to return to the position of the bad credit loan of the past when people who had already been served their eviction order could obtain a bad credit loan or a bad credit remortgage. This was ridiculous, as the people receiving these home loans had simply sat back facing eviction before making a last ditch attempt to save the day. This was irresponsible on the part of both the lender and the borrower. However, a sensible approach to granting bad credit loans is needed, as many individuals hit by the credit crunch, and with some bad debt through no fault of their own could be helped out of their financial crisis with the help of a bad credit loan which could put them on an even keel again, and after some time clean up their credit rating.
A balance of sensible borrowing and lending in all sectors of the loan market is really needed to help kick start a sustainable economic growth.
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- Liz Moir
- Champion Finance
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