Consumers could face even more difficulty securing personal loans following the news that the government's financial rescue package has been blocked.

According to experts interviewed by USA Today, both ordinary citizens and businesses will find it harder to gain access to credit as lenders tighten their criteria.

The news provider suggests that many will become increasingly selective about who they lend to, agreeing only to provide loans to those who present the least risk of default.

Consumers facing rejection when applying for personal loans could consider pay day loans, which are offered on a short-term basis and can be applied for online.

They provide borrowers with an immediate solution to financial crises, tiding them over until the arrival of their next pay check.

Eddy Marsh, a financial advisor at Next Day Payday Loans, said recently that pay day loans could prove to be a consumer's "best friend" when times get tough.

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