A competitive quote may be easier than you think

There is no doubt that it is more difficult to borrow money than it was before the financial crisis caused by the Collateralised Debt Obligation (CDO) chaos a few years ago. However the good news is the growth of online companies happy to look at each application on its merits to replace the banks that some would claim have pulled up the drawbridge.

Banks for shareholders

It is easy to be too cynical about the banks but there is no question that they sacrificed personal service for organisational efficiency many years ago; the local friendly bank manger became a thing of the past and there were no longer decision makers at a local level. The Regional HQs took over and the feeling was that something had gone.

Image attributed to Wikimedia Mikkel Metz

The feeling of remoteness is only increased by the trouble in recent years and a person seems to be a statistic on a sheet of paper. Any black marks on that sheet of paper and there is a negative response to any application for funds.

Fortunately the void has been filled by internet lenders that realise that many of the credit problems people have faced recently have not been entirely of their own making. The financial crisis was unseen; property values had been growing, there were good employment prospects and there was not a cloud on the horizon. Things changed suddenly, and many people’s personal circumstances changed at the same time.

Case by case

Where online lenders differ from the banks that were in fact the root cause of the problems is that they look at a person’s ability to pay back the borrowings as the main factor, not that person’s credit history.

Applicants of course need to make out a case and that involves showing some financial stability has been restored including a regular monthly income and signs that any previous problems are under control and being handled. 

There are a number of companies happy to help a good application and it is easy to use the Internet to compare car finance deals if anyone is in need of a change of car or their circumstances are dictating that they will need one in the coming weeks.

The Internet has become the most important marketing tool for business and as such everyone presents themselves and their complete range of goods and services for researchers to examine. Consumers can browse through many different websites and offers before ever making contact with a particular company; they are just an anonymous visitor statistic at the initial stage.

A good website will invite visitors to ask questions and encourage them to do so. It is a matter of being service orientated and understanding people’s need to be certain. Some will want to talk; others may prefer sending in an application without any discussion. What is certain is that these companies have created a niche for themselves in the hole that has been left by the banks and want to help. They realise it is a profitable business of course but they also realise the need for service.