Lending code tightened says BoE
06/04/2010Only a 'better quality' of borrower will be able to obtain personal loans and overdrafts, in an attempt to keep consumers clear of personal debt.
The Bank of England's (BoE) survey of lenders also announced that the availability of mortgages will remain steady. Over the last three months, the amount of credit available to businesses went up too.
In the same period, the amount of medium and large firms defaulting on their loans saw an unexpected decrease.
The Bank also revealed that lenders were more willing to lend to consumers, although over the first three months of the year, demand for credit cards actually fell due to people being wary of financial problems.
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