Loan information adviser issues warning to consumers
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Kate Murphy says that banks are likely to delay a loan application if the forms have not been completed fully.
A loan information expert has advised consumers to complete loan applications by providing as much detail as possible, the Independent reports.Kate Murphy of loan information website moneysupermarket.com, explained that lenders could decline a loan application on the strength of discrepancies in the paperwork.
Further to this, she revealed that banks are likely to delay a loan application if the forms have only been partially completed.
She told the newspaper: "With providers still cautious about lending, it is imperative that you complete any application in full and as accurately as possible.
"A 'footprint' is left on your file each time you apply for credit and if you have a number of applications declined it can negatively impact your credit score."
In spite of this, Ms Murphy claimed that there are lots of attractive loans deals on the UK market, but she has urged consumers to be aware of potential pitfalls.
Meanwhile, moneyfacts.co.uk has revealed that personal loan rates have reached a nine-year high.
The provider of loan information has claimed that uncertainty surrounding debt repayments has caused unsecured personal loans to experience some of the sharpest rises in the UK lending market.
Personal loan rates are currently at their lowest point in nearly a decade, despite the bank base rate being at a record low level.
In contrast to this, when loan rates last peaked in 2001, the bank base rate was at its highest point in the last ten years.
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