Secured loans still an option for some consumers
24/04/2008More high street lenders are refusing loans and credit card applications - which could lead some to consider the benefits of a secured loan.
According to a report in the Daily Mail this week, fears triggered by the credit crunch are currently seeing around 18,000 credit card applications rejected every day as banks tighten their lending criteria.
The newspaper revealed that Barclaycard, the largest credit card provider, is currently refusing around half of its applicants. Citing figures from MoneyExpert.com it adds that an estimated seven per cent of Britons have been refused a credit card in the past six months.
Sean Gardner, a spokesman for the site, said: "For years, borrowers have had the upper hand in the credit card game but the rules have changed."
For some people, a secured loan can be a better option than credit cards when looking for debt consolidation - as they often provide a more affordable long-term solution.
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