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One in six loan applications rejected

One in six loan applications rejected

New research from Ocean Finance has revealed that one in six applications for credit were rejected last year.

New research from secured loans brokerage Ocean Finance has found that there was an increase in last year’s loan application results, with the overall figure up to 38.6 per cent from 33 per cent.

However, one in six applications were reportedly turned down.

The research showed that the largest number of applications turned down were for an overdraft with an acceptance rate at a minimal one in five by their bank, whereas peer-to- peer loan applications jumped up to an 86 per cent acceptance rate.

Ian Williams of Ocean Finance said: “It’s interesting to see that the number of people applying for credit products has increased in the last year, which may be a sign that consumers’ confidence continues to grow in the wake of the credit crunch.

“However, large numbers of people are being turned down when they apply for products like an overdraft or personal loan, where 16 per cent of applications [were] rejected.”

The results also showed that applications for car-related finance scored the lowest volume of rejections, with 11 per cent refused.

The research stated that first charge mortgage applications were the most likely loan accepted by lenders, with 84.5 per cent of applications accepted last year - a figure which is expected to change as MMR begins to take effect.

Interestingly enough, men were 9.2 per cent more likely to apply for credit than women over the last 12 months, although the age group with the highest amount of applications for credit (60.6 per cent), was between 25 and 34-year-olds.

The report however, did claim that seventeen per cent of loan applications were made by people over 55-years-old.

People who took part in the survey also brought to light that if they were neither accepted nor rejected for a credit application, they were instead offered the loan for a higher rate.

For example, the survey showed that nearly one in 20 credit card applications were offered at higher rates instead of the initial product that was applied for.

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