Shrinking personal loans
According to Moneyfacts.co.uk a financial information company more lenders have pulled out of the unsecured personal loan market, they say it’s becomming a worrying trend.
Eskimo Loans, part of Northern Rock, and Hanley Economic Building Society have both pulled out of the unsecured loan market with emmediate effect and Moneyfacts say the number of unsecured loan providers has fallen by 10 per cent this month. Moneyfacts blame the reduction on the credit crunch, high interest rates and the alarming increase in loan applications being declined.
Personal finance analyst at Moneyfacts, Esther James, said “Such a large reduction in just the last month is worrying. With no signs of rate rises slowing, it’s a rather unsettled market. The credit crunch is showing its strength in the personal loan market.”
Personally I don’t think this is really too much to worry about if you’re looking for a personal loan. Yes interest rates are rising but that shouldn’t come as a suprise for anyone who’s had a mortgage or any other form of credit in the last 12 months. Northern Rock are obviously still suffering and simply cannot afford any further mistakes and as such have pulled one of their ‘white label’ brands - Eskimo Loans. I think it’s really as simple as that…
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