Fewer personal loans issued in November
03 January 2010 13:07:04
 |
| Personal loan uptake decreased slightly during November. |
The British Bankers' Association (BBA) conducted a study which found that £1.1bn in new loans was agreed during the month, representing a £100m decline from October.
Although this compared to an average of £1.3bn for the past six months, the November figure was 43.7% lower than for the equivalent period in 2008.
Howard Archer, chief economist at IHS Global Insight, explained that the research underlines a shift towards savings, but also a "lack of availability in unsecured credit from banks".
"It is yet another example of consumers looking to improve their financial situations in the current difficult and worrying economic environment," he added.
The BBA data also revealed that Britons currently have a combined £58.3bn in outstanding personal loan debt, on a non-seasonally adjusted basis.
Last week, MSN Money indicated that consumers with perfect credit ratings could take out a personal loan as an ideal short-term boost to their Christmas funds.
‹ Back
Other Loans News
-
Say No to a Quick Fix Loan
Payday loans are an increasingly popular fix to financial trouble, but they are not without pain! -
Apply for personal loan 'after seeing credit file'
A credit rating assessment is key to personal loan applications. -
Fewer personal loans issued in November
Personal loan uptake decreased slightly during November. -
Bonus fury 'may fuel demand for Tesco Bank loans'
Personal loan customers may increasingly shun traditional banks.
All Loans News
Other Home Page News
-
Bruce Willis Boosts Russia's Trust Bank
Celebrity marketing might not be the safest choice but Trust Bank has found the recipe for success. -
Warning - credit card scam exposed
Online financial scams keep increasing every year in the UK market - learn more about the latest phishing scam and how to protect yourself from fraudsters. -
No fee and low fee cards
New Cashback and Rewards credit cards from Sainsbury's with extremely low rates. -
Retirees provide financial family support
New research shows that UK adults are still relying on their parents for everyday living costs.
All News Stories
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
