The Personal Loan and Mortgage have become increasingly difficult to obtain in the last 18 months with 3.4 million customers being declined according to GE Money.
The report states that nearly half a million customers had to apply 4 times before they got the finance they required. 30,000 had to apply 8 times before they got the funds.
It is clearly a difficult time to be approved for finance although many people are still borrowing - it is simply becoming more difficult.
For those that are constantly declined and are looking to lower their existing monthly commitments on unsecured debt - it may be worth trying www.iva-machine.co.uk.
Written by Frank Polenose of Homeowner Loans and Get Out of Debt
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