Britons are more likely to apply for a loan on Monday afternoon than any other time of the week, it has emerged.

Weekdays in general outperform weekends, with the number of applications dwindling over the course of the week, figures from Halifax show.

For many individuals, the internet has made it easier than ever to plan the best way to tackle financial difficulties.

"Although weekday afternoons are the time most of us look to apply, an increasing number of people choose to make use of our 24-hour online service," observes Neil Chandler, head of unsecured personal loans at Halifax.

Those looking to borrow could be advised to consider secured loans as an alternative to unsecured personal loans.

By securing borrowing against property, individuals with poor credit ratings may be able to obtain a greater level of funds.

Secured loans may also be an effective means of debt consolidation in light of Credit Action figures which show that an average of nine per cent of Britons' take-home pay goes towards interest payments each year.ADNFCR-1287-ID-18327978-ADNFCR

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