- Monday, 14 December 2009An increasing number of people could find themselves struggling financially as a result of difficulties in securing loans.
Research from moneysupermarket.com reveals that eight out of nine banks are now only offering loans to existing customers, with loan rates having gradually risen in 2009.
Tim Moss, head of loans and debt at moneysupermarket.com, said that while the recession may no longer be as serious as it once was, banks' pickiness has certainly intensified.
He commented: "The financial crisis may have eased but this hasn't filtered through to the personal loan market yet. We have seen the banks go from choosy to almost locking down completely."
Mr Moss went on to say that there are a few lenders which are "filling the void" and offering "competitively priced" personal loans.
The price comparison site suggests that there has been a 20 per cent increase in the number of people looking for a loan though its website, while new lending has fallen by 28 per cent.
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