Thursday, 20 November, 2008
75% of personal loans now require a minimum income, compared with 68% six months ago.
As Mortgage Introducer magazine reports, fully three-quarters of & it loan providers now expect would-be borrowers to earn a certain amount before they’ll consider giving them a personal loan.
The credit card market has undergone a similar – if more drastic – change, with 47% of credit cards now requiring applicants to have (on average) an income of around £18,000 or more, while six months ago just 31% required a minimum income.
Excluding certain personal loans with extremely high APRs (Annual Percentage Rates), the average minimum income required for a personal loan is now just over £23,000.
Source: http://perspicacious.co.uk/
