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Banks Starting To Restrict Access To Credit – What Does This Mean For Borrowers?

Since the Bank of England voiced concerns over the amount of debt consumers have, including credit cards, car loans and second mortgages, a number of Banks and Lenders have started to cut and limit access to credit. This will affect the number of people who will be accepted for loans, credit cards, personal loans etc.

a coin falling into the piggy bank

People are increasingly having to turn to loans to fund big purchases like cars, home improvements and weddings, as well as day to day living costs because increasing bills like insurances and energy are taking a bigger chunk from household incomes.

Consumers are also increasingly vulnerable to rises in interest rates if they haven’t fixed the term of their loans.

If you have been rejected by your Bank or other high street or online lenders, don’t despair. At TFS Loans we offer Guarantor Loans and everyone is considered – irrespective of credit history and whether they have been rejected elsewhere. A Guarantor Loan is a form of trust based lending. Rather than relying on credit scores we ask you to find a friend or family member to guarantee the Loan. If they trust you, so do we.

All our Guarantor Loans are offered on a fixed rate which means you know exactly how much you are paying back each month and can budget accordingly. Our interest rates are published on our website so when you request a quote and apply for a loan we detail out for you how much your loan is for, over what time period, how much you will be paying back each month and the interest rate.

We offer loans between £1,000 and £15,000 over 1 to 5 years.

To find out more please visit our FAQ page

To apply click here

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Loans are subject to status and affordability. Consolidating debts may increase the term and the total amount payable.

Before entering into any credit agreement please make sure you can afford the monthly repayments, we recommend that you seek independent advice if you are unsure of any of the terms of our agreement. There may be other taxes or costs, not paid through us or charged by us, that you have to pay in connection with the agreement.

Late repayments can cause you serious money problems. For help go to www.moneyadviceservice.org.uk

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