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Credit applications soar in January
Business Live reports that credit providers have been inundated with new applications for unsecured credit and it quotes finance website justmoney.co.za as saying it had recorded "hundreds of applications per hour" during the first week of January.
Justmoney, according to Business Live, says that an alarming number of people are looking for financial assistance and on 3 January, when people returned to work, the company recorded the highest volume of loan applications ever recorded.
Antoinette Muller, Justmoney's editor, is quoted by Business Live as saying that people are applying for personal loans or another credit card as they are desperately short of cash and are trying to borrow money to pay off debts that were not paid, or incurred, over the festive season.
For more:
- Business Live: January appetite for credit soars
- Justmoney: Justmoney
