Personal loan

TIME was when we had little choice if we needed to arrange a loan. The first port of call was typically the High Street bank, or local building or friendly society. We would then have to rely upon the benevolence of the manager - and of course a decent credit record showing that we were a good risk when it came to repaying money borrowed.

The amounts we could borrow were restricted, and even up to just a decade or so ago, going cap in hand for sums above £10,000 was virtually unheard of. Today however the situation is radically different. As a nation we collectively owe in the region of one trillion pounds - yes, one trillion - comprised for the most part of mortgage, credit/store cards and personal loans.