Customers face difficulties in securing loans

April 8, 2010

Consumers looking to take out a loan could find that it gets more difficult as banks become more selective about who they will give money to.

The price comparison site reported that, although it has seen the number of people searching for a loan increasing by 20 per cent since the end of last year, in the same period, the British Banker’s Association has reported the number of loans had fallen by 28 per cent.

Many banks have restricted their lending to existing customers and the supermarkets, which often have the best levels of interest, will increasingly only accept applications from people with good credit histories.

The most important thing to remember is that the APRs quoted by lenders are “typical” and the rate you see may not be the rate you are accepted at.

For those who rely on overdrafts, reports that only two of the top eight banks have changed their charging system in the last year to make them fairer for consumers.

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