Credit refusals hampered access to basic financial products during Covid, study finds

A fifth of all those who applied for the most common financial products were refused by providers in 2020, severely affecting consumers’ ability to access basic accounts.

Almost half of those who were refused mainstream lending in 2020 had never been denied before, according to data from Royal London – as lending criteria on personal loans, credit cards and overdrafts tightened.

Source: The Independent
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