‘Significant divide’ in loan availability expected
25 September 2008
Some people may find the availability of loans decreases as lenders look to improve their “lending quality”, according to one expert.
Speaking to The Independent, David Black, Principal Consultant at Defaqto, said that there will be a ‘significant divide’ in terms of creditworthiness amongst those looking for loans and other forms of credit.
He went on to say that likely drops in the Bank of England’s base rate could benefit borrowers, but that ‘even this will be tempered by many lending products becoming far less reactive to base-rate changes’.
A spokesperson for Think Money commented: “Loans and other types of credit are still available, but the changes we’ve seen in the last year indisputably underline the importance of talking to the right financial solutions provider.”
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