Car loans and computer leases in demand
Personal loan applications increased by 12 per cent in the March 2005 quarter compared to a year earlier, according to a measure of demand for new loans compiled by credit reference bureau Baycorp Advantage. This is the fifth quarter in a row that demand for personal loans increased. Baycorp said that demand for new credit cards, however, fell for the fourth quarter in a row, with demand down by 0.7 per cent.
Baycorp said total demand for unsecured credit, including both personal loans and credit cards, increased by 5.5 per cent in the quarter. Baycorp said its data supported other indicators showing strong growth in motor vehicle finance and consumer computer leasing.