Loan lenders get picky
A number of UK based loan lenders are believed to be applying exceptionally stringent rules to their borrowing criteria, and rejecting a record number applicants in the process, suggests a new report.
A leading financial comparison site has discovered that a sizeable number of applicants have been rejected over the last year, despite applicant quality remaining relatively stable. No official word has been given from any lender in particular with regards to a change in criteria, but it would appear that there is almost certainly some form of adjustment occurring behind the scenes.
The biggest problem for most borrowers appears to have stemmed from the timing of such changes. A number of Brits are very much reliant on securing additional funding at this time of year, as a means to cope with the financial pressures that the festive season brings. The comparison site has speculated that a rise in the number of people seeking money management services may increase in the New Year, as a result of said rejections.
In related news, a separate study has revealed that applications for Christmas loans have been submitted historically early this year, with some lenders reporting to have received requests for Christmas finance as early as August.
