Those in the South East are more likely to get a personal loan than those who live in other parts of the country, according to data from Freedom Finance.
An analysis of postcodes where most loans were paid out, from an index of 60,000 customer records, showed half of the top 10 “hot spots” to be in the South East. Residents in Romford, Croydon, Southall, Ilford and Twickenham all scored high on the index.
Nicola Georgiou, managing director of Freedom Finance, said:
Although the UK’s economic growth is now on track, our analysis shows that there is a still a ‘two-speed’ recovery in consumer confidence between London and the rest of the country.
Borrowers in Greater London are more likely to be accepted and paid out a loan, suggesting that residents in and around the capital have more solid financial foundations.
Outside of the South East, the analysis also found Cardiff and Newport to be among the top postcode areas where people are accepted for a personal loan.
Meanwhile, Greater London also featured heavily, because “young city dwellers” were the most likely demographic to be accepted for a personal loan.