As the credit crisis rumbles on, a new study has shown that people are increasingly struggling with their access to money.

In research carried out by MoneyExpert, it was revealed that millions of applications to borrow money - whether through a loan or other means - have been turned down over the last six months. According to the financial comparison website, an estimated 25.8 million Brits - more than half of the total UK adult population - were shown to have requested a monetary product during this period of time. However, over the last half-year it was stated that about five million applications to borrow rejected. During this period of time, six per cent of those applying for a personal loan were revealed to have been unsuccessful, with this rising to 13 per cent for consumers looking to access a credit card.

Overall, it was revealed that those in their late 20s and early 30s are to most likely to have their request to borrow money be turned down. Some ten per cent of 25 to 34-year-olds were shown to have been rejected in their attempts to get an unsecured personal loan, while about a fifth were indicated as failing in their bid to obtain a credit card.

And in not being able to gain access to a loan or other means of borrowing, keeping up with day-to-day spending commitments such as household bills and transport costs may become an increasingly difficult task.

However, those who are able to acquire a loan could still see their finances being squeezed, as MoneyExpert reveals that a personal loan of 5,000 pounds charges an average annual rate of interest of 15.3 per cent. This represents a rise from the typical 8.6 per cent which was charged in March 2007.

Sean Gardner, director of MoneyExpert, said: “The banking crisis means lenders are terrified to lend to almost anyone. They are battening down the hatches and focusing on getting as much money back as possible. In the current climate lenders are tightening up on already tightened rules for new applications. Anyone whose credit record is even remotely suspect risks rejection. Banks want to recover their bad debts and they dont want to create more of the same.”

“People who know they dont have a perfect credit record shouldnt apply for the top products,” he added. As such, the firm advised consumers - and in particular those with a less than favourable credit history - against making multiple requests to borrow money. Mr Gardener went on to report that it is imperative that consumers endeavour to apply for a product suitable to their needs and that they only borrow what they know they will be able to pay back.

For those Britons who have problems in keeping up with debts in the past but are now confident about their ability to manage repayments, applying for a bad credit loan may prove to be useful. In doing so, borrowers may not only be able to meet various financial commitments but also begin to take steps to improve their credit history.

This may prove to be of assistance after Neil Munroe, external affairs director for Equifax, claimed last month that those wanting to get a fixed-rate mortgage deal will not only need a 25 per cent deposit on a home, but will also need an “almost spotless credit rating”.