MoneyExpert: 5 million loan and credit card applications refused

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MoneyExpert: 5 million loan and credit card applications refused

Nearly five million people have had their requests for credit cards or loans rejected in the past six months, according to new research by MoneyExpert.com.

The financial comparison site said that younger adults aged 25 to 34 are the most likely to be refused, with 21 per cent of them failing to secure a credit card during the period.

More than half of Britons (56 per cent) have applied for a financial product during this time, of whom 13 per cent have been denied a credit card and six per cent have been refused an unsecured personal loan.

Sean Gardner, director of MoneyExpert.com, said lenders are "terrified to lend to almost anyone".

MoneyExpert.com advises people not to apply for multiple credit cards and to be careful of asking for market leading offers if their credit history is not perfect.

Earlier this month, MoneyExpert.com reported that 11 per cent of borrowers have defaulted on a payment on a mortgage, personal loan or credit card in the last six months.

It predicted that more bills could be left unpaid in the coming months as financial pressure increases.

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