So the big vote has been cast and the British public has decided to leave the European Union. But what impact does this have on British budgets and what will be the effect on the UK’s loans sector? Well, the initial hysteria about leaving the EU is still in full flight and it is therefore unclear on what the longer-term impact will be. Initial fears around the price of sterling dropping have now subsided; although the price of sterling dropped against the dollar initially, it subsequently rallied and is now stabilised. The price of the pound against the Euro also fell initially and although currently low (as of 26.06.16), it has also marginally recovered. Some sources are however stating the cost of holidays will rise, and this will be based on medium-term projections of the Euro rate vs Sterling.
People throughout the United Kingdom will still have a need for instalment loans and short term, quick loans regardless of the outcome of the referendum, the cost of the dollar or indeed, the price of the holiday. As long as people have a need for short term, unsecured loans there will always be a market for them. United Kingdom Loans are an established, introducer of loans, with no way to remain in or out of the European Union. We do however value the diversity of our clients. If you need a small loan one of the essential criteria is that you are a British resident and this is regardless of your country of origin.