Loan customers find it difficult securing cash

The number of people looking for a loan increased by 20 per cent since the end of last year, in the same period, the British Banker's Association has reported the number of loans had fallen by 28 per cent.

Many banks have restricted their lending to existing customers, which often have the best levels of interest, will increasingly only accept applications from people with good credit histories.

An important thing to realize is the APRs quoted by lenders are typical and the rate you see may not be the rate you will get.