Decline in loan approvals
Loan acceptances have decreased in each of the past six months, according to research from price comparison website moneysupermarket.com.
Its research suggests that, despite many banks denying that they are tightening up their lending criteria, more and more consumers are facing rejections despite having good credit histories.
While the quality of loan applications has not fallen since April 2006, this has not stopped acceptances decreasing.
Tim Moss, head of loans at moneysupermarket.com, said: “Clearly some people who should be offered loans aren’t getting them at the moment.
“The banks are denying they are getting choosy, but our findings show they are and many deserving Brits are suffering because of it.
“In the current climate of rising interest rates and the global credit crunch, it might not be long before we are getting credit checked to have the newspaper delivered.”