As a personal loan provider, you would expect me to write about the popularity of personal loans over other forms of credit. But I have proof!

The latest data from the Australian Bureau of Statistics has shown that the personal finance market is now turning over $8.5 billion per month, an increase of 11.1 per cent on a year ago. In comparison, housing finance has grown 8.97 per cent over the same period. This is a trend being echoed around the world, with the UK also experiencing growth in non-mortgage lending, according to the British Bankers Association.

I wont pretend that personal loans are suitable for all clients. It depends on their capacity to repay and on their individual circumstances, which should always be taken into account when assessing the appropriateness of a product.