Home Insights & Advice What you need to know about restart loans as they gain popularity

What you need to know about restart loans as they gain popularity

by John Saunders
17th Jan 22 5:04 pm

The term “restart loan” is one that seems to ebb and flow in popularity. Whether you’ve heard people talking about it before, or whether you’re hearing them talk about it now, seems to hinge on a few factors that none of us can control.

But what are these factors? More importantly, what do you need to know about restart loans, and why? That’s what we will investigate now.

Why restart loans are on the rise

Google Trends is a useful tool that digital marketers use to find out what their target audience is searching for on the web. It is also a useful tool for discovering national and global trends, whether it be about a clothing brand, new terms that arise, or restart loans.

If we put in the words “restart loan” to see how many search queries there were for this term, we can see a marked increase in the UK from February to June, 2021. One of the likely causes of this increase is that, as Covid proved that it would not go away anytime soon, it dawned on debt-stricken UK citizens that they would have to perform certain measures to gain control of their finances. “Winging it” and hoping for the virus to go away anytime soon would be risky; perhaps consolidating their loans would be a better idea (as some of them would have thought).

Source: https://trends.google.com/trends/explore?date=all&geo=GB&q=restart%20loan

Restart loans aren’t only gaining popularity in the UK, however. When we look at search trends in other European countries, an interesting pattern starts to emerge. In Norway, the number of queries for “omstartslån” – which means “restart loan” in Norwegian – increased significantly in the year following the global financial crisis of 2008, and it has also done so in the ensuing years after the Covid pandemic struck. What we might be seeing is that restart loans are most popular in times of crisis and economic hardships.

Source: https://trends.google.com/trends/explore?date=all&geo=NO&q=omstartsl%C3%A5n

What we can glean from these findings is that, in a sense, a restart loan is one of the things that help people “start again” after falling into financial troubles. Here’s what you need to know about this kind of loan when you’re knee deep in debt and you can’t see the way out of your situation.

What is a restart loan all about?

A restart loan is a type of loan for people with debt issues. It is a loan that can help you get back on your feet financially when you have bad credit and cannot qualify for a traditional bank loan. It’s mainly used to consolidate high-interest debt. Some banks require you to put up property as collateral; others will grant you the loan even if you cannot do this, albeit often with higher interest rates. If you want to know more about how to get a restart loan, you can talk to your bank to see if they can help you.

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