More companies withdraw loan deals
Published On 4 December 2007
Several major companies withdrew personal loan deals in November, a new report has said.Consumer website moneyfacts.co.uk revealed that the personal loan market in the country shrunk by ten per cent over the month.
It noted that lenders such as GE Money, Leeds BS and LV= all withdrew loan deals as a result of the ongoing credit crunch.
Esther James, personal finance analyst at the website, commented: "Such a large reduction in just the last month is worrying. With no signs of rate rises slowing, it's a rather unsettled market. The credit crunch is showing its strength in the personal loan market.
"Anyone considering a personal loan might be advised to act sooner rather than later.
"Investing some time in shopping for the best deal could save you a bundle in the longer term," he added.
Earlier in November, moneysupermarket.com reported that banks were getting tougher with their loan lending criteria.
It found that loan acceptance rates have dipped from 66 per cent at the beginning of 2007 to 51 per cent in October.
