The number of loan applications now done online has led to an increase in rejections and is harming applicants' credit rating, according to research.
A study by financial comparison website MoneyExpert.com suggests around one in three personal loans can now be approved with a quick online decision. As a result, it suggests 1.4 million applications for personal loans have been turned down in the past six months – around 320 per hour. The website says this may be fuelling the number of applications that are ultimately rejected, as applicants rely on online forms without either checking their credit status or speaking to an adviser. Around 31 of the 89 possible loans on the market are available with an online decision. MoneyExpert.c...
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