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Lenders are regaining confidence
Finance lenders are growing in confidence but are struggling to meet the demand for personal loans, it has been claimed.
Speaking to Credit Choices, Chris Eagle, the website's commercial manager, said: "Banks have started to regain confidence in lending, and we have recently seen activity picking up in the mortgage market, but their appetite to lend via personal loans remains subdued."
He added: "If you need a cheap loan, it's essential that you shop around and compare loans to get the best deal."
Mr Eagle suggested that existing loan customers – such as those looking to consolidate their finances – may be better placed to secure credit than those without a history of borrowing.
His comments follow official figures published by the British Bankers' Association which show that monthly lending has fallen since last year.
The BBC has also encouraged people looking for an unsecured loan to shop around for the best deal.