British consumers and would-be borrowers have become generally pessimistic about their chances of being approved for credit, it has been suggested.
A recent study found that two-thirds of people believe they would stand no chance of being given a loan of £30,000 and a quarter reckon they would not even be able to borrow £1,000.
According to CreditExpert, the firm behind the research, the lack of confidence when it comes to securing a loan or credit card debt deal is partly a result of a lack of financial awareness.
The financial information provider maintains that borrowers should make sure they are fully familiar with their own credit rating in order to minimise the risk of being rejected for a loan or credit arrangement.
Reflecting on data from the Bank of England recently, the Royal Institution of Chartered Surveyors described the rate of mortgage loan approvals in the UK as having collapsed in recent weeks.
Written by Dan Mather