It’s no secret that financial institutions are getting stricter about who they lend money to, and because of that, they are turning down more of you who are after a loan. 

Since the start of the credit crunch/financial meltdown/imminent recession*, over 1.39 million of us have been refused an unsecured personal loan, according to price comparison website, uSwitch.com.

Need a secured loan and having difficulty getting one? We can help you get sound advice from a loan specialist who can help you with all current loan options.

uSwitch’s figure reflects just how expensive it is to borrow, as lenders tighten up their loan criteria. Throw in interest rates rising by as much as 9% in unsecured loans of eight loans providers, and it’s no wonder many of us just can’t afford to take out a loan as we struggle with food, petrol, gas and electricity prices.

Black Horse currently has an APR of 36.9% for loans between £1,000 and £2,999, marking a 9% increase.

Lloyds TSB, Bank of Ireland and Bradford & Bingley have also upped their rates by at least 1%.

For those of you thinking that the recent emergency cut in interest rates will help you get a loan, personal finance manager for uSwitch.com, Tracy North, believes this is not the case, saying:

“The base rate doesn’t tend to have an impact on loan rates directly; loan providers tend to be influenced by what other providers are doing.”

So, have you been refused a loan and need further loan advice? Use our loan calculator and talk to an impartial loan adviser.

Compare loans here.

(* whatever term you feel is least likely to make you cry!)

(Please note that articles on Money Hospital do not constitute regulated financial advice. The articles are intended to provide general personal financial information, and are based on journalistic research. We urge you to consult an Independent Financial Adviser (IFA) before making any important decisions about your finances. All rates are correct at time of printing but are subject to change without notice.)