Lending Stream

Lending Stream

October 30, 2009 08:00 ET

Credit Still Restricted Despite Recovery

EDGEWARE, UNITED KINGDOM--(Marketwire - Oct. 30, 2009) - Despite recent reports of an economic recovery, research has demonstrated that credit providers are still showing a reluctance to lend money to consumers. Lending Stream, one of the U.K's leading providers of payday loans have reacted to this news by offering short-term loans as an alternative to borrowing from high street lenders.

According to research from the-infoshop.com(i), year-on-year decline in consumer credit has slowed to -13.7% in the second quarter of 2009. This is up from a low of -15.4% during the first quarter of the year. Despite this, lending is continuing to fall year-on-year, as credit providers remain cautious in lending, due to the perceived risk involved.

Among the worst affected products are unsecured personal loans, which have seen a year-on-year decline of 31.8%. In response to this, Lending Stream have reported a sharp increase in the amount of consumers applying for instant cash loans, which can be used as an alternative to unsecured personal loans.

Lending Stream has helped thousands of people across the U.K to gain instant access to funds, in order to solve cash flow problems. The company is committed to offering a responsible, sensible approach to lending, in order to help customers avoid the 'never ending cycle of debt', which many fall into when taking out unsecured loans.

New customers are eligible for loans of up to Pounds Sterling 400, with a limit of up to Pounds Sterling 1000 extended to those who have used the service before. Application is made online, through a simple application form which is processed within hours. Before confirming the credit, the company vets applicants through a comprehensive credit checking system. This is to ensure that the candidate is suitable and will be able to repay the loan. If approved, most customers will receive money directly to their bank account on the same day.

A spokesperson for Lending Stream commented:

"Although the economy is beginning to show some signs of recovery, we are still seeing reluctance among the major credit providers to offer loans to customers."

"Our instant cash loans are an alternative means of solving the cash flow headache which many people face each month. We are keen to stress, however, that these payday loans are offered strictly as a short-term measure and should only be entered into if the applicant can ensure the necessary funds will be in place to repay the money when they are paid."

To find out more about Lending Stream, visit: http://www.lendingstream.co.uk

Notes to editors

(i)Source: http://www.the-infoshop.com/report/dc101284-uk-credit-market.html

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