Borrowers ‘like 24-hour service’
An increasing number of people are choosing to take advantage of 24-hour online banking to apply for unsecured personal loans, according to the findings of a new survey.
Research by Halifax discovered that Monday is the most common day and that lunchtime is the most popular time to apply for a loan via the internet.
The findings suggest that many of the would-be borrowers are applying from the office, but Halifax's head of unsecured personal loans Neil Chandler said the bank had also observed a growing trend for people to sort out their finances in the early hours of the morning.
"For many, this may be because of shift patterns or the availability of internet access. With an online application typically taking less than ten minutes to complete, many customers prefer managing their finances online," Mr Chandler explained.
Sainsbury's Bank recently revealed 40 per cent of its loans customers choose to borrow in order to restructure their existing debts, making it the most common reason for applying for a personal loan.
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