We apply for personal loans to fund a large purchase, but what are these purchases? To better understand what our customers financing we did some research in to the top reasons for taking out a loan and other interesting statistics around the personal loans market. Read on to see the full infographic...
The average household borrowed £3326 in October 2014 and the majority over an average loan term of 5 to 3 years.
Popular reasons for taking out an unsecured loan are to fund a second hand car purchase, renovate a kitchen, install a new bathroom, upgrade to a new boiler or finance an overseas family holiday.
Who do we go to for credit? The high street bank remains the popular option, but peer to peer lenders and guarantor lenders are beginning to take a bigger chunk of the pie, with 12% of lending being a guarantor or peer to peer lender.
Click on the image to see a zoomed in version
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