The survey also asked whether they had wanted to borrow for personal or business purposes but had been so convinced they would be turned down that they did not apply. The data show a substantial level of personal and business applications both for owners whose wealth rose and for those whose wealth fell over the period of the SCF panel.
The level of personal applications was slightly higher for those whose wealth increased over the period, and their applications were more likely to have been approved (or they were less likely to have believed they would have been denied) (figure 12). The pattern of personal loan denial rates is consistent with changes in individual circumstances.