A Fool and His Money

According to the latest report British consumers were lent £21bn of personal loans without income checks.

70% of applicants were not asked to prove their income and 45% of pople took out loans from other lenders instead of their own banks so the lender had even less information about their potential borrower. 15% were not asked at all about their income. It seems as though the potential profits were too good to resist.

As you may be aware many banks had record levels of write-offs which is partly caused by this reckless lending.

A new banking code has now been put into practice which makes lenders abit more responsible before handing out any money however borrows could still be persuaded into borrowing more than they can afford.

Related Information:
Private Investigator Ireland
Private Investigator

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