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Abcul: Increase in unsecured loans demand due to tight lending conditions

Abcul: Increase in unsecured loans demand due to tight lending conditions

Category: Loans

Updated: 31/10/2008
First Published: 29/09/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

There has been a rise in the number of consumers seeking unsecured loans during the economic downturn, according to chief executive of the Association of British Credit Unions (Abcul) Mark Lyonette.

Mr Lyonette stated that the reduction of credit available to consumers has been noted by credit unions, as an increasing number of people contact these bodies regarding unsecured loans.

"A number [of credit unions] have seen a sharp increase in people approaching them for loans and most are noticing the changing attitudes of lenders," he said.

Abcul is working towards ensuring that everyone has access to good quality credit unions, he added.

Furthermore, John Lamidey MBE of financial services group Cattles claimed that there is a need for more flexible credit in the current market.

Consumers worried about the interest rates offered on unsecured loans may be pleased to hear that, according to the Council of Mortgage Lenders, a base rate cut from the Bank of England's monetary policy committee could happen within a couple of months.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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