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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Friday 30th May 2008
In today’s world it’s getting much harder take out a loan with a reasonable interest rate, statistics have shown that around 50% of people applying for a UK loan will be instantly rejected down to their previous credit rating, job history and other important deciding factors. This percentage has been on a constant rise, especially within the last 6 months as companies are trying to stay away from high risk customers.
If you are classed as one of their high risk customers don’t expect to receive low loan rates, you are more likely to be paying triple what a low risk customer would have to. This is because the companies have to prepare them self for the aftermath of this year’s credit crisis in which the majority of people’s income is suffering – giving a lower chance of being able to repay any loans.
Various lenders have already pulled out of the unsecured loan market and you can expect to see a lot more follow as time goes by, unless this credit crisis gets resolved it will become very difficult to receive a loan of any kind.
This could potentially cause more problems because almost 70% of people that take out UK loans in the first place, do it to settle other debts they may have. If you are in the market for a loan you will have to ensure you do your research to find the best possible price, you would hate to be crippled by unnecessary interest rates.
Check out the various low loan rates comparison companies as they can save you a great deal of time, money and hassle. They make it relatively easy for you, you basically just enter the required information such as the amount you plan on borrowing and the repayment period and they will do the rest!
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