Thursday, Nov 29, 2007
Where has all the cash gone?
BBC: Personal loan market 'shrinking'
More lenders have stopped offering unsecured personal loans, a move that financial information firm Moneyfacts has called a "worrying" trend. Hanley Economic Building Society and Eskimo Loans, which is funded by Northern Rock, have both withdrawn their products with immediate effect. Before the latest withdrawals, GE Money, Leeds Building Society and LV= had already stopped offering unsecured personal loans in the past few weeks.
Posted by alan @ 02:48 PM (650 views) Add Comment
4 Comments
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1. paul said...
But there are still secured loans available ...
2. Terry said...
That's right: you may as well secure the loan on your house as you will probabbly walk away from the debt when the house is in 30% negative equity in a year or so.
3. dohousescrashinthewoods said...
One credit drought comin' right up. Asset prices will respond.
4. drewster said...
A move that MoneyFacts has called "worrying"? Well it's not surprising, MoneyFacts' entire business model is based on ads for loans!