Personal loans are an effective way for many people to get finance assistance when they need it, and it is easy to see why so many folk are looking for the best personal loan option for their needs. There is a touch of positivity about the market at the moment which is down to the fact that the rates associated with personal loans are very affordable these days. This is a positive thing but it turns out that not everyone is getting the chance to benefit from these personal loans.

With personal loans difficult to come by, many potential borrowers are not being allowed to obtain these loans. In recent weeks, a company associated with personal loans has announced that they have funded 29% fewer loans for the second quarter of 2016 compared to the opening quarter of the year. While you may say that this is the returns for one company and shouldn’t be looked at in too much detail, there is a suggestion that other firms are also facing similar returns and situations.

Do you find personal loans difficult to come by?

If companies are taking the option to provide more attractive rates but will only make these available to certain people, a large part of the population will miss out on the chance to obtain the finance they need to move forward in life. This is a worrying trend. Loan companies will make a big song and dance of offering more attractive loans, you can almost see their advertising campaigns being shaped around this situation, but if fewer people can benefit, it is a big concern.

While you have to allow companies to set loan rates at a level that they are comfortable with, if ordinary people are going to be priced out of the market, it is going to cause a lot of problems in the long term. There is a need for affordable and viable solutions in the personal loan market and if these are not made available then there will be people missing out.

With personal loans difficult to come by, there is an argument for looking at what guarantor loans have to offer. Guarantor loans look towards the reputation and credit score of the guarantor, which allows a more attractive rate of interest to be offered. This is something that will allow more people to find a suitable loan for their needs and there is definitely a lot to be said for reviewing this style of loan.