Unsecured loans growth in UK reported

Money News

www.moneynews.co.uk > Loans > Unsecured loans growth in UK reported

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Unsecured loans growth in UK reported

The number of Brits taking out unsecured loans has started to rise again following the economic uncertainty of the last few years, it has been claimed.

Liz Dunscombe, director of project and partnership development at Credit Action, said household budgets have been squeezed since the onset of the global financial downturn, with many Brits facing pay freezes and even being made redundant.

As a result, consumers have been reluctant to take out new borrowings in recent years.

"However, unsecured lending to individuals is now rising again - the annual growth rate standing at 2.3 per cent, the highest level since May 2009," Ms Dunscombe commented.

According to research carried out by Kensington, the biggest block to Brits taking out loans at present is stringent credit scoring criteria among lenders.

It found that 22 per cent of respondents cited clients with more than one source of income as a significant factor in increasing the difficulty of taking out a substantial loan.

Click here for more loans news
 ADNFCR-323-ID-800752495-ADNFCR

Related News : Loans

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet