Almost 50% of those applying for loans have been rejected - up from a third just 6 months ago. In addition, lenders have tripled their rates for high risk customers. Several loan providers have indicated that they are to pull out of the unsecured loan markets as the scarcity of credit continues following the summer’s sub-prime [...]
No wonder, if banks don't have money to lend (they don't even lend to each other) why would they lend anybody else but people who will definitely repay
Higher loan rates inevitable
