PRLog (Press Release) - Sep. 10, 2012 - Summer is usually a slow time of the year for consumer loan shopping, but loan comparison website, Loans.net just announced that they helped more consumers get approved for loans during the month of August. This record amount of loan approvals is a good sign for the economy and consumers that are currently shopping for loans.
Mark, a representative for the company has this to say.
“We never anticipated that so many consumers would be looking for loans during the hot month of August, but they were. We anticipate that the amount of consumers searching for loans will grow even more in the coming months. With the holiday season quickly approaching, consumers are going to start looking for loans to help them finance their holiday spending. Our web server was recently upgraded to handle the extra load.”
Statistics have shown that the Summer is typically the time of year when consumers are not shopping. They are busy working and saving their money for the upcoming holidays. This new trend is a good sign for both consumers and merchants.
In July of 2012, Loans.net saw just over 1000 consumers shop for loans through their website. Of those 1000 consumers approximately 900 of them were approved for loans. That is a 90% approval rate. By comparison, the month of August saw twice as many consumers shopping for loans with over 2000 people applying. It is estimated that 93.7% of these consumers were approved. With the busy holiday season right around the corner these numbers are expected to grow.
Approval rates are also expected to grow as well. Lenders are starting to open their loans to consumers with lower credit scores.
Mark also had this to say.
“Lenders are starting to approve more loans everyday. Consumers can beat the holiday rush by taking advantage of our easy application form now. We have made several improvements to our application process. By shopping now, consumers can beat the lines and hassles of the busy holiday season.
Our network of lenders has also informed us that loan acceptance rates are improving. They have reported that the economy has started to take a turn for the better. When consumers are approved for loans, they are helping the economy. They will start shopping. Spending money is what helps the economy grow.”
Loans.net is a loan comparison website that helps consumers find the best rates on several different types of loans. Consumers can choose from: auto loans, bad credit loans, personal loans, cash advances, small business loans, home loans and more.
Instead of filling out several application forms, Loans.net allows consumers the convenience of only having to fill out one application form. Their unique form allows consumers to be matched with qualifying lenders from one of the largest networks of lenders on the market.