The 'trust factor' is when borrowing

Most Brits prefer to stick to traditional credit card companies and financial institutions rather than borrow money from a supermarket bank, according to a new study.

Research by moneysupermarket.com reveals that many Brits prefer the experience of established financial institutions and feel that supermarket banks are getting too big.

Kevin Mountford, head of banking at moneysupermarket.com, said that the 'trust factor' is one of the most important considerations for Brits who are trying to get credit.

He said: "The trend of supermarket brands entering into the banking sector is not likely to slow down soon, however it is quite clear they haven't yet won over the British public, and until they do, they will be consigned to a relatively small market share."

Consumers are set to enjoy greater protection when borrowing money after the Lending Standards Board introduced a new Lending Code which will monitor the actions of lenders.