Mr Phillips stated tightening credit during the banking institutions will have unintended effects.
“we are seeing the top banks take out of some of these less credit that is mainstream, therefore all that is left would be to head to those providers of customer leases or pay day loans”, he stated.
“there is certainly a lot more scrutiny regarding the big companies if they’re making loans so they really’re likely to be risk averse, a little gun shy, with regards to making loans to those who possibly otherwise could have got one, however in this “” new world “” most likely won’t get one.
“And that may push them in to the fingers of smaller, less understood and possibly, perhaps, unscrupulous players. “