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|Bank of England statistics: Lending to individuals increased by £4.8 billion|
|Tuesday, 01 December 2015|
Nicola Georgiou, Managing Director at Freedom Finance comments on the Bank of England’s Money and Credit statistics released today; “Today’s figures show that total lending to individuals has increased by £4.8 billion in October. With consumer credit also rising by £1.2 billion, it seems clear that consumer confidence is continuing to grow steadily. The demand for personal loans has increased due to better credit availability, lower interest rates and stronger household finances.
“This rise follows warnings from the Bank of England that policymakers may need to take action to prevent excessive consumer borrowing as the economy recovers. Although it is encouraging to see consumers are taking advantage of the competitive rates on offer, it’s important that borrowers are aware that the most attractive headline loan products are not available to everyone.
“Additionally, many consumers are unaware that shopping around and applying for various enticing loan deals could actually harm their overall chances of getting a loan by leaving a hard credit footprint which will damage their scores if rejected. The alternative is to use 'soft' search sites which compare true loan products matched to borrowers’ individual circumstances without the risk of affecting any future applications".
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