An increasing number of loan applicants are being turned down in the wake of the credit crisis. Since April this year, the proportion of people being accepted for loans has fallen each month. In April, two-thirds of people enjoyed successful applications, though this number has steadily fallen with each month, with just over half of loan applications successful in October.
Banks have been increasingly careful in granting loans, as the credit crisis continues to have widespread implications. Although banks are denying that they have become picky, denying deserving applications, banks’ eagerness to avoid having bad debts means they have certainly rejected more people than would be typically expected.
The last couple of months has seen the majority of banks raise their loan rates, with nine leading lenders increasing rates in the wake of the run on Northern Rock. In fact, some providers have even pulled out of the personal loans market altogether.
Loan Applications Increasingly Likely to be Rejected
Loan Applications Increasingly Likely to be Rejected
Fri, 16 Nov 2007
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