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Personal loans 'can be a handy option'
Consumers may find that personal loans prove to be "a handy option" to boost their finances, according to an expert.
Srikala Bhashyam of the Economic Times Bureau has claimed that, if chosen with care, such lending products can have prove highly beneficial to those looking to finance big purchases or other transactions.
However, in a column for the news provider, he added that consumers should bear in mind that such products may not be ideal for long-term issues.
Outlining the reasons why, he explained: "In the process, a borrower ends up paying up a higher interest amount if he fails to clear the loan on the due date."
Recent figures from Unbiased.co.uk revealed that levels of personal loan debt in the UK remained constant over the past 12 months, despite banks placing repayment and restriction terms on a number of products.
The website suggested a larger amount of loans are now running to their full terms.