x
By using this website, you agree to our use of cookies to enhance your experience.
STAY CONNECTED!
  
newsletter-button

1.39 million people refused loans

13 October 2008

Since the onset of the credit crunch 1.39 million people have been refused an unsecured personal loan, according to price comparison website, uSwitch,com.

The figure shows that it is becoming more and more expensive to borrow, as lenders tighten their loan criteria. With interest rates rising by as much as 9% in unsecured loans of eight providers, many consumers simply cannot afford to take out a loan as they struggle with food, gas and oil bills.

Black Horse currently has an APR of 36.9% for loans between £1,000 and £2,999, marking a 9% increase. Lloyds TSB, Bank of Ireland and Bradford & Bingley have also upped rates by at least 1%.

For those thinking the recent slash in interest rates will help in securing a loan, personal finance manager for uSwitch.com, Tracy North, believes differently: “the base rate doesn’t tend to have an impact on loan rates directly; loan providers tend to be influenced by what other providers are doing.”

Comments

Breaking News
MovePal MovePal MovePal