Mixed news on finance applications
1 in 6 applications for finance were rejected last year according to statistics revealed by OceanFinance.co.uk. It will be interesting to see how this compares to 2014 following the introduction of the new Financial Conduct Authority (FCA) rules in April of this year.
They found that more than a third of the adult population (38.6%) applied for finance of some form or another over the last 12 months. This was an increase from 2013 when 33% applied for one or more of the popular credit products. Men are more likely to apply than women by quite a margin, 43.6% vs 34.4% over the last 12 months.
The age group most likely to apply for credit are 25 34 at 60.6% whilst only 17% of the over 55s applied for credit according to the stats. The most likely decline would be if you apply for an overdraft at nearly one in five declines (18.6%). 16% of those applying for a personal loan get declined.
Image courtesy of thebestcarfinanceblog.co.uk
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