Research from financial comparison website MoneyExpert.com shows more than 3.5 million applications for credit cards, loans and mortgages were declined over the past 12 months.
The figure suggests a tightening of lending criteria amidst criticism that loans companies have made a significant contribution to the culture of debt that currently grips the UK.
MoneyExpert.com suggested that the problem could now lie with borrowers, as 60 per cent of applicants said they would reapply if they were rejected for a loan first time around.
"The days of easy credit are drawing to an end for many people," said MoneyExpert.com's chief executive, Sean Gardner.
"It is important to understand your credit profile and be realistic about the products that are suitable for you.
"The risk of being declined when you apply for a credit card, loan or mortgage appears to be rising among those applying to the wrong type of lender," Mr Gardner continued.
"To avoid disappointment and gain the best deals, people need to apply to the right lenders."To read more about loans, click here.
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