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Cattles Halts New Lending

Tuesday, 24 February, 2009

Specialist UK lender Cattles has stopped lending money to new customers, it said on Monday. Cattles’ main business, Welcome Financial Services, which provides secured and unsecured loans to customers with poor credit histories, will continue to offer renewals to existing customers, it said. The announcement comes three days after the subprime lender said it was delaying annual results while it reviewed its provisions for bad loans, and warned that profits would be “substantially lower” than expectations. See FT Alphaville on “no money for the poor”.

Source: http://ftalphaville.ft.com/