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|Lending in UK reaches £9.3 billion in March: Freedom Finance comment|
|Friday, 29 April 2016|
Nicola Georgiou, Managing Director at Freedom Finance, comments on the Bank of England’s Money and Credit statistics released today: “Today’s lending figures from the Bank of England show that consumer credit borrowing is continuing its annual rise. As consumer confidence grows, so does the demand for personal loans. This increase has been fuelled by better credit availability, lower interest rates and stronger household finances.
“In fact, we found that more and more consumers are applying for loans for luxuries such as weddings. We saw £8.6 million worth of loans applied for in first two months of 2016 alone and we attribute this to increased consumer confidence and continuing low interest rates meaning less people are looking to pay off debts. However, with consumers feeling more financially able to take out loans, it is vital they use ‘soft’ search sites to compare true loan products that have been matched to their individual circumstances, and ensure they don’t put any future applications at risk.”
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