Secured loans in the wake of the credit crunch
16/04/2008With traditional high street lending criteria becoming tougher in the wake of the credit crunch, one expert has suggested that UK loans customers could struggle.
According to a spokesman for Equifax many people may face difficulty obtaining fast loans - such as those used for home improvements or debt consolidation - and this is due to the current uncertainty in the financial market.
Neil Munroe, external affairs director for the group, said that even customers seeking credit cards and mobile phones could have a difficult time obtaining the finance they need.
"I think the credit crunch will start to affect all types of credit. How deep it will go in each of those areas is another matter," he said.
The news may cause some to consider the benefits of secured loans or adverse credit loans, which often have less restricted lending criteria and can offer competitive rates of interest.
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