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December Saw Rise in Loan Enquiries

Elephant Loans & Mortgages PLC has said it experienced a 'substantial increase' in the amount of loan enquiries last December. The material uplift in enquiries has been partly attributed to the firm's recently established new affinity partner relationships, which forges close links with its customers. The group also added that the rise also reflects industry trends that indicate rising UK consumer indebtedness.

Elephant, which recently entered the Individual Voluntary Arrangement (IVA) market, added that following last year's festive season it expects to see significantly more enquiries in the coming weeks, as UK consumers receive their credit card statements and are made aware of the full extent of their Christmas spending.

"December's level of activity reflects the growing debt problems in the UK. Following the busy Christmas period, we expect to see significantly increased enquiries in 2007, as consumers seek to mange their debt more effectively," said chief executive Gary Miller-Cheevers.

As the reality of Christmas spending hits home, many loan providers in the UK expect as surge in enquiries for personal loans as consumers try to control their debt. Many consumers will look to securing a loan in order to pay off credit card and store card debts in order to avoid having to pay the far higher rates of interest that cards levy against the debt.

Many consumers see a loan as a 'better of two evils' when it comes to either having credit card debt or loan debt. However, to combat the increased competition from the UK loans market, many UK credit cards are offering new deals to entice consumers, such as 0% balance transfers for 9 months and low interest rates for the lifetime of a card's balance. For those unable or unwilling to take out a loan, these credit card deals offer an attractive alternative to a personal loan.

Alisdair Milton
12th January 2007




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