Data on borrowing signals desperation as rejection rate hits highest on record
Two out of three credit requests rejected
06 October 2020 - 05:10
The sharp decline in applications for credit during the lockdown was accompanied by the highest rejection rate since records began, indicating people applying for credit might have been doing so out of desperation, data from the credit regulator shows.
Information supplied by the National Credit Regulator on Monday showed that credit applications fell from about 10-million in the first quarter of the year to 5.7-million for the three months ending June 2020...
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