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Rise in personal loans

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31/03/2010

According to data released by the British Bankers’ Association (BBA) £1.3 billion was advanced to borrowers in February for the purposes of new loans.

The BBA research also revealed that high street banks are now owed £52 billion in repayments for personal borrowing, and also have around £9.3 billion outstanding in net overdraft lending.

The total value of new loans increased by around £100 million in February when compared to the previous month. However, February also saw customers paying more money back on their loans, according to the statistics.

“New personal loans increased slightly in February possibly as the car scrappage scheme was extended by a further month but gross lending was largely matched by higher repayments,” the BBA said.

Elsewhere, the BBA recently noted that mortgage lending is still subdued in the UK, with high street banks providing the majority of such loans.

The organisation’s statistics director David Dooks said:

“Consumers are focusing on building up their deposits, while any increase in borrowing appetite is unlikely without greater household confidence and economic certainty.”

 

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