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Unsecured loans lending rises

Unsecured loans lending rises

Category: Loans

Updated: 27/08/2010
First Published: 02/03/2009

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 It is now over 6 months old so the content may be out of date.

The number of unsecured loans agreed between lenders and individuals rose in January 2009, according to new figures.

Data from the Bank of England has revealed that both credit card and unsecured loans lending increased during the first month of the year, bucking the overall trend of lower lending levels.

While the number of secured loans on properties was lower than the previous six-month average, the Bank found that there was a £0.1 billion rise in other loans and a £0.3 billion rise in credit card lending.

However, the research showed that the overall 12-month growth rate for lending slipped by 0.5 percentage points.

Later this week the Bank of England will announce the outcome of the monetary policy committee's monthly two-day meeting concerning the interest rate.

Adfero's poll of economists, financial institutions and business organisations revealed that nine out of 11 expect the rate to drop further from its current level of one per cent.

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