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More Loans being refused

A number of finance portals are reporting an increase in the volume of loan and credit applications that are being rejected as the real effect of worldwide credit restrictions are started to be felt in consumer areas.

The true reason for the increase in turned down requests for credit is blamed on the credit crunch but without real data there could also be an increase in certain types of people making applications for loans. If more people with poor credit rrecords are applying then the rate of rejections will naturally be higher.

Money Supermarket says that the rate of approvals for loans has been dropping steadily since April this year and blames the drop on stricter acceptance criteria being enforced by loans providers. Money Expert, another site covering the loans, credit cards and mortgages from a consumer standpoint, reports a big jump in the number of credit card applications being refused.

Another site, Money Facts, says that cheap loans can still be found, especially for people wishing to borrow larger amounts of money, but a number of loan providers have pulled out of the market (some temporarily) and rates have risen, which has not helped people looking for a loan at the moment.

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