Millions of loan and credit card applications declined
20/10/08
Over the past six months about 5 million people in the UK have had applications for loans and credit cards rejected according to research from Moneyexpert.com.
Adults from the age of 25-34 are most likely to be refused with 21 per cent of them unable to secure a loan or credit card during this period.
Over the last six months more than half of the population (56 per cent) have applied for a financial product of which 6 per cent have been refused an unsecured personal loan and 13 per cent have been declined from a credit card.
Director of Moneyexpert.com, Sean Gardner, said lenders are "terrified to lend to almost anyone".
Moneyexpert.com is advising people not to apply for multiple credit cards if there credit history is not in the best shape and to be more careful.
There research has showed that 11 per cent of borrowers have missed a mortgage payment, a personal loan payment or a credit card bill in the last six months.
Due to the world’s financial crisis it has been predicted that more bills could be missed making it more difficult for people to be accepted for credit.
