Lloyds pushes £60,000 car loans without ANY credit checks: Banks become embroiled in row over reckless lending after mass-mailing customers about luxury vehicles

‘Banks have become embroiled in the row over reckless car loans after mass-mailing customers to convince them to buy luxury vehicles.
Customers of Lloyds Banking Group – which also includes Halifax and Bank of Scotland – have received personalised letters offering them long-term monthly loan deals so they can buy new cars.
Their account balance, income and expenditure were assessed by the bank without their knowledge to see which models they could buy.
The letters claimed high-end vehicles were ‘just a few clicks away’, offered deals for cars including BMWs and said loans of up to £60,000 can be approved without a credit check.
Last night, politicians and campaigners accused Lloyds of behaving like a payday lender and called on banks to stop sending such letters. Experts fear that irresponsible lending in the car finance industry is leading to increasing numbers of people defaulting, which could cause another credit crunch.’
Read more: Lloyds pushes £60,000 car loans without ANY credit checks: Banks become embroiled in row over reckless lending after mass-mailing customers about luxury vehicles