By Jon Richards
If you tried to secure a personal loan in 2016 and struggled, you weren’t alone. We recently ran the numbers on our personal loan comparison platform for 2016, and found that, despite fewer people applying for personal finance throughout the year, the number of applications had actually gone up.
Basically, those who did apply for personal loans had to apply for several products before they found an approval.
This has a lot to do with the liquidity crunch caused by low oil prices. The long and short of it is that banks have less liquidity, meaning there’s less money to lend out. That, in turn, meant banks were pickier about who they leant to in 2016. On average, users on our site had to make 2.97 applications each before finding a loan in 2016 – up 11.74 per cent on 2015’s number of 2.62 applications per user.
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