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`More Brits applying for personal loans`

24/09/2008

In the light of growing personal finance difficulties, increasing numbers of UK consumers are opting to take out personal loans.

This is according to Mark Lyonette, chief executive of the Association of British Credit Unions, who stated that members of the organisation have seen an increased demand for such financial products among the people they serve.

He said: "Credit unions have been affected in different ways by the reduction in supply of consumer credit.

"A number have seen a sharp increase in people approaching them for loans."

In other industry news, the Thrifty Scot recently advised people experiencing debt problems that they may be able to benefit from a homeowner loan, which enables them to use the security of any property they own as collateral for the money they borrow.

According to the organisation, even consumers with a bad credit rating and those who have declared bankruptcy or have entered into an Individual Voluntary Arrangement (IVA) may be able to secure such a loan.

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