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More applying for loans causes lenders to tighten rules

National News // July 8, 2020

Lenders are tightening their rules as they fear the pandemic will increase household debt. 

Unsplash More applying for loans causes lenders to tighten rules

Despite fears of higher unemployment – more people are applying for car loans, possibly due to fears of using public transport.

The rate of car loan applications is up 36% from pre-virus levels, according to credit provider, Credaris. 

Analysts are predicting a major economic slowdown and the Swiss Association of Leasing Companies says customers need to be checked they can handle a loan more carefully, even so, they are expecting a higher number of defaults.

 

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