Personal Loan Borrowing Increases

Mon, 22 Mar 2010

New figures published by the Bank of England have revealed an increase in personal loan borrowing during January. The most recent Trends in Lending report, published on March 18th, reveals a net increase of £300 million in the amount approved on personal loans during January compared with the same month in 2009. The figures suggest that banks and lenders are easing their cautious approach to lending credit, and follows the £100 million increase seen the month before – the first increase since May 2009.

Meanwhile, credit card lending shows no signs of slowing, with net credit card lending up by £200 million in January – the thirteenth consecutive monthly increase. Despite the increased lending on both unsecured loans and credit cards, the report claimed that UK lenders are still experiencing subdued demand, while availability remains tight.

While the figures suggest bank attitudes are changing – a change which could see consumers offered better interest rates, the study noted that lenders are likely to be mindful of the fact that the write off rate on consumer credit reached its higher level last year since records began in 1993.
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