More Brits turning to Web for loans

More Brits turning to Web for loans

Nearly one in four (24%) UK adults would go online to look for a loan according to research commissioned by Intelligent Finance (IF), an increase of 70% on similar research conducted by the Web bank a year ago.

The research found that just under half (47%) of 18-24 year olds would use the Internet to hunt down competitive loans, compared to just under a quarter (23%) a year ago.

Commenting on the research, Grenville Turner, chief executive, IF, says: "Many homes now have access to at least one PC so it should come as no surprise to us that more and more consumers are going online to find a better deal."

IF says 3.15 million people in the UK - seven per cent of the adult population - intend to take out a personal loan in the year ahead and the research shows consumers are becoming more savvy to shopping online to get a better deal.

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