Macquarie Consumer Finance confirmed with Mortgage Business today that it will discontinue originating its fixed-rate instalment personal loan product as of 20 June 2008.
A Macquarie Consumer Finance spokesperson said the decision had been made in light of current global credit market conditions and subsequent increased cost of funding.
The decision to cut the product also extended to the personal loan Macquarie had planned to fund for Virgin Money’s product range expansion.
Macquarie said the decision to terminate the personal loan agreement with Virgin would have no impact on funding for Virgin Home Loans; a spokesperson for Virgin Money however was unavailable for comment.
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