Finance news from Loans Park

London (loans-park) May 15, 2007: A recent survey conducted by a leading price comparison site revealed that the secured loan market is booming with more and more people availing secured loans for prolonged loan tenures. The site surveyed over thousands of loan applicants to reach this conclusion.

The report further stated that 60% of the secured loan applicants are men. According to the report, fewer women apply for secured loans as they are more reliant on unsecured loans for their shopping expenditures. If the report is to be believed, the average amount requested by women applicants is half of what is request by men.

The report indicated that majority of the borrowers wanted secured loans between £10,000 and £25,000. Further, one third of the applicants demanded amounts below £10,000 and one fifths above £25,000. On an average, £22,514 was the amount requested as secured loans in the month of March. This amounts to a 2.3% hike from February.

The report also concluded that most borrowers demand for a repayment period in the multiples of 5, five and ten years being the most common. The report throws light on the increasing trend of self-evaluation of the home by loan applicants. This gives a different take on the housing market because most applicants determine what they think their house is worth, rather than basing it on a valuation.