Unsecured loans on the rise, Bank finds - Loans - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Unsecured loans on the rise, Bank finds

Unsecured loans on the rise, Bank finds

Category: Loans

Updated: 05/01/2009
First Published: 02/01/2009

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 It is now over 6 months old so the content may be out of date.

Unsecured loans and credit card spending rose in November, the latest figures from the Bank of England have shown.

Consumer credit rose by a similar figure to the previous month, with these forms of finance up by £0.4 billion.

However, the increase was found to be less than the average of the six months leading up to November and the annual growth rate continued to slow.

Secured loans rose by more than they did in October, although the annual growth of 3.9 per cent was almost two per cent less than in August.

And the statistics suggest that those seeking secured loans for house purchases are finding them increasingly difficult to obtain, as there were just 27,000 approved in November, compared to the 34,000 average of the previous six months.

Last week the Liberal Democrats called for the government to work with banks to encourage an increase in responsible lending, after the British Bankers' Association revealed similar figures.

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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Blue Monday hits nation’s finances

Today has been dubbed Blue Monday – the most depressing day of the year – and considering how many people could be battling with their finances this month, it’s little wonder.

Calls to make the loans market clearer

At first glance the personal loans market may seem simple enough, but get into the nitty gritty and it can be anything but. As a result, some are calling for action to make the market clearer and fairer for all.

Get the cheapest ever personal loan!

Have you woken up with a financial hangover after the festivities? Perhaps you’ve got big plans for the year ahead, or maybe you need a new car? Well, whatever your reasons for needing a loan, you can now snap one up for the cheapest ever rate!
 
Close