Many consumers routinely surf the Web to shop for the best credit offers.
Credit cards, however, currently account for the majority of online credit applications, the study shows. Consumers readily respond online to offers for new credit card accounts, but are far less willing to complete the more detailed applications required for other types of credit, such as mortgages. Customers want assurance that their personal financial information will be handled in a secure, confidential manner. The study found that privacy and security issues have stymied online lending activity. Important The PSI study also identified price and the reputation of the lender as key factors in increasing online applications for credit.