UK Money News
4th April 2008
Brits 'borrowed £21bn in unsecured loans in 2007'
Billions of pounds were borrowed by Britons last year in the form of unsecured loans, it has been revealed.
According to a study conducted by uSwitch, some £20.9 billion was loaned to consumers in the form of these loans.
Of these borrowers some 70 per cent said they had not been asked to prove how much they earned.
Meanwhile, 45 per cent said they had taken out a loan from a lender other than their bank, which suggests that lenders were making loans with considerably less information than would normally be the case.
Mike Naylor, personal finance expert at uSwitch, said: "With more than 7,716 loan repayments being missed every day and record write-offs, you might think lenders would have learnt their lesson, but the potential profits have clearly been too good to resist."
Mr Naylor also criticised the new Banking Code, which is intended to encourage more responsible lending.
He commented: "While the credit crunch has forced lenders to tighten up their lending criteria, these latest amendments to the Banking Code do not go far enough to help promote responsible lending in all cases.
"Further credit checks could be costly and no doubt the bill would be passed back to consumers."
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