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Personal Loans - Ireland - September 2013

“The value of the personal loans market continues to decline as consumers shy away from debt products, preferring to save for the things they need and want. While economic and employment conditions are set to improve in Ireland, it will likely be many years before pre-recessionary levels of demand for personal loans will return. A drive for product innovation within the market might help accelerate growth.”

– Brian O’Connor, Production Manager

Some questions answered in this report include:

  • How have improving economic conditions affected consumers’ desire to borrow?
  • What type of things do consumers take out personal loans for?
  • What impact will rising costs of living have on consumer usage of personal loans?
  • Do consumers fear personal loans?
  • What threat do payday loan companies pose to personal loans?
  • What factors motivate consumers to choose one loan provider over another?

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Table of contents

  1. Introduction

      • Key themes in the report
        • Data sources
          • Definitions
            • Abbreviations
            • Executive Summary

                • The market
                  • Personal loan market value falls by half between 2008 and 2013
                    • Figure 1: Estimated total value of outstanding personal lending, IoI, NI and RoI, 2008-13
                  • Forecast
                    • Figure 2: Indexed value of outstanding personal lending, IoI, NI and RoI, 2008-18
                  • Market factors
                    • 2014 expected to see economic improvement
                      • Consumers concerned about debt levels
                        • Drop in unemployment makes Irish borrowers ‘safer bets’
                          • Consumers left with less disposable income
                            • Figure 3: Consumer price index, UK (incl. NI) and RoI, year-on-year percentage change, 2007-13
                          • Companies and products
                            • The consumer
                              • Third of NI and 46% of RoI consumers have at least one personal loan
                                • Figure 4: Number of current outstanding personal loans (excluding student loans, overdrafts and credit card debt), NI and RoI, October 2013
                              • Buying a car or repairing home are the main reasons to borrow money
                                • Figure 5: Purpose of last personal loan, NI and RoI, October 2013
                              • A quick approval important when selecting a loan provider
                                • Figure 6: Factors that see consumers pick one loan provider over another, NI and RoI, October 2013
                              • Consumers do not like to be in debt and see borrowing as a last resort
                                • Figure 7: Agreement with statements relating to personal loans, NI and RoI, October 2013
                            • Trend Applications

                                • Help Me Help Myself
                                  • Retired for Hire
                                    • Mintel Futures: Human
                                    • Market Overview

                                      • Key points
                                        • 2014 looks promising for economic growth
                                          • Figure 8: GDP growth, actual and forecast, NI, RoI and UK, 2011-14
                                        • Irish consumers making efforts to lower debt levels
                                            • Figure 9: How concerned consumers are with their current debt levels, NI and RoI, July 2013
                                          • Unemployment falling, making more consumers safer bets for loans
                                            • Figure 10: Unemployment (%) levels, NI and RoI, 2010-13
                                          • Consumer confidence improving
                                            • Figure 11: Consumer confidence, NI and RoI, Q3 2008-Q4 2013
                                          • Disposable income drops in the face of rising costs of living
                                            • Figure 12: Real household net disposable income, annual growth rates, 2007-12
                                          • Weekly earnings increasing, but not enough to meet costs of living
                                            • Figure 13: Average weekly earnings, all employees, NI and RoI, 2008-13
                                            • Figure 14: Consumer price index, UK (incl. NI) and RoI, year-on-year percentage change, 2007-13
                                        • Competitive Context

                                          • Key points
                                            • Credit cards most owned type of credit product
                                              • Figure 15: Ownership of credit products, NI and RoI, July 2013
                                              • Figure 16: Indexed value of credit card transactions, actual, estimated, forecast and projected, NI and RoI, 2008-18
                                            • Payday loans see low usage among consumers
                                            • Strengths and Weaknesses

                                              • Strengths
                                                • Weaknesses
                                                • Market Size and Forecast

                                                  • Key points
                                                    • Personal lending market value drops by half 2008-13
                                                      • Figure 17: Estimated total value of outstanding personal lending, IoI, NI and RoI, 2008-18
                                                    • NI loans market fell first, but RoI fell harder
                                                      • Credit unions restricted in how much they can lend
                                                        • Personal loans market will see a long road to recovery
                                                          • Figure 18: Indexed value of outstanding personal lending, IoI, NI and RoI, 2008-18
                                                        • RoI market recovery set to be slower
                                                        • Companies and Products

                                                            • Allied Irish Bank (AIB) Group
                                                              • Key facts
                                                                • Personal loan products
                                                                  • RoI
                                                                    • NI
                                                                      • Bank of Ireland (BOI)
                                                                        • Key facts
                                                                          • Personal loan products
                                                                            • Recent developments
                                                                              • Danske Bank
                                                                                • Key facts
                                                                                  • Personal loan products
                                                                                    • Recent developments
                                                                                      • Halifax
                                                                                        • Key facts
                                                                                          • Personal loan products
                                                                                            • Recent developments
                                                                                              • HSBC
                                                                                                • Key facts
                                                                                                  • Personal loan products
                                                                                                    • Recent developments
                                                                                                      • Nationwide
                                                                                                        • Key facts
                                                                                                          • Personal loan products
                                                                                                            • Recent developments
                                                                                                              • Permanent TSB
                                                                                                                • Key facts
                                                                                                                  • Personal loan products
                                                                                                                    • Recent developments
                                                                                                                      • Santander
                                                                                                                        • Key facts
                                                                                                                          • Personal loan products
                                                                                                                            • Recent developments
                                                                                                                              • Ulster Bank
                                                                                                                                • Key facts
                                                                                                                                  • Personal loan products
                                                                                                                                    • Recent developments
                                                                                                                                    • The Consumer – Ownership of Personal Loans

                                                                                                                                      • Key points
                                                                                                                                        • Third of NI and 46% of RoI consumers have personal loans
                                                                                                                                          • Figure 19: Number of current outstanding personal loans (excluding student loans, overdrafts and credit card debt), NI and RoI, October 2013
                                                                                                                                        • NI women more likely to have loan than NI men
                                                                                                                                          • Figure 20: Consumers who own one outstanding personal loan (excluding student loans, overdrafts and credit card debt), by gender and age, NI and RoI, October 2013
                                                                                                                                        • Multiple loan ownership low
                                                                                                                                          • The very young and very old most likely to not own loans
                                                                                                                                            • Figure 21: Consumers who own no personal loans (excluding student loans, overdrafts and credit card debt), by age, NI and RoI, October 2013
                                                                                                                                        • The Consumer – Use of Personal Loans

                                                                                                                                          • Key points
                                                                                                                                            • Buying a vehicle main reason for personal loan
                                                                                                                                              • Figure 22: Purpose of last personal loan, NI and RoI, October 2013
                                                                                                                                            • Consumers with children most likely to borrow for a car
                                                                                                                                              • Figure 23: Consumers who took out their last loan to buy a new/used motor vehicle, by gender, NI and RoI, October 2013
                                                                                                                                            • Consumers with children more likely to borrow money for a car
                                                                                                                                              • Figure 24: Consumers who took out their last loan to buy a new/used motor vehicle, by number of children in household, NI and RoI, October 2013
                                                                                                                                            • Home improvements/repairs second most popular reason to take out a loan
                                                                                                                                              • Figure 25: Consumers who took out their last loan for home improvements/repairs, by gender, NI and RoI, October 2013
                                                                                                                                          • The Consumer – Important Factors When Choosing a Loan Provider

                                                                                                                                            • Key points
                                                                                                                                              • A quick approval most important to RoI consumers
                                                                                                                                                • Figure 26: Factors that see consumers pick one loan provider over another, NI and RoI, October 2013
                                                                                                                                              • Consumer demand for transparency
                                                                                                                                                • Figure 27: Consumers who feel that a ‘Thorough explanation of the terms and conditions of the loan’ is important when picking a loan provider, by age, NI and RoI, October 2013
                                                                                                                                              • Four in ten consumers pick a loan provider based on suitability of product
                                                                                                                                                • Figure 28: Consumers who feel that ‘Whether or not the product is suitable for my circumstances’ is important when picking a loan provider, by age, NI and RoI, October 2013
                                                                                                                                              • NI consumers prefer remote application, RoI want face-to-face
                                                                                                                                                • Figure 29: Arranging a personal loan face-to-face vs. remotely, NI and RoI, October 2013
                                                                                                                                              • NI consumers want convenience when applying for a loan
                                                                                                                                              • The Consumer – Attitudes Towards Personal Loans

                                                                                                                                                • Key points
                                                                                                                                                  • Majority of Irish consumers do not like the idea of being in debt
                                                                                                                                                    • Figure 30: Agreement with statements relating to personal loans, NI and RoI, October 2013
                                                                                                                                                  • Women and mature consumers more wary of debt than men and the young
                                                                                                                                                    • Figure 31: Agreement with the statement ‘I don’t like the idea of being in debt’, by age and gender, NI and RoI, October 2013
                                                                                                                                                  • Half would rather save than take out a loan
                                                                                                                                                    • Figure 32: Agreement with selected statements relating to personal loans, NI and RoI, October 2013
                                                                                                                                                  • High cost of living may leave few with any choice but to borrow
                                                                                                                                                      • Figure 33: How consumers rate their current financial situation, NI and RoI, November 2013
                                                                                                                                                    • Over half claim to keep an eye on their finances
                                                                                                                                                      • Figure 34: Agreement with the statement ‘I like to keep a close eye on my finances’, by social class, NI and RoI, October 2013
                                                                                                                                                    • Few rejected for a loan in the last 12 months… but few applying
                                                                                                                                                        • Figure 35: Percentage change (annual) in number of loans to RoI households, Oct 2012-13
                                                                                                                                                    • Appendix

                                                                                                                                                      • RoI Toluna tables
                                                                                                                                                        • Figure 36: Number of current outstanding personal loans (excluding student loans, overdrafts and credit card debt), by all demographics, RoI, October 2013
                                                                                                                                                        • Figure 37: Purpose of last personal loan, by all demographics, RoI, October 2013
                                                                                                                                                        • Figure 38: Purpose of last personal loan, by all demographics, RoI, October 2013 (continued)
                                                                                                                                                        • Figure 39: Purpose of last personal loan, by all demographics, RoI, October 2013 (continued)
                                                                                                                                                        • Figure 40: Factors that see consumers pick one loan provider over another, by all demographics, RoI, October 2013
                                                                                                                                                        • Figure 41: Factors that see consumers pick one loan provider over another, by all demographics, RoI, October 2013 (continued)
                                                                                                                                                        • Figure 42: Factors that see consumers pick one loan provider over another, by all demographics, RoI, October 2013 (continued)
                                                                                                                                                        • Figure 43: Agreement with statements relating to personal loans, by all demographics, RoI, October 2013
                                                                                                                                                        • Figure 44: Agreement with statements relating to personal loans, by all demographics, RoI, October 2013 (continued)
                                                                                                                                                        • Figure 45: Agreement with statements relating to personal loans, by all demographics, RoI, October 2013 (continued)
                                                                                                                                                      • NI Toluna tables
                                                                                                                                                        • Figure 46: Number of current outstanding personal loans (excluding student loans, overdrafts and credit card debt), by all demographics, NI, October 2013
                                                                                                                                                        • Figure 47: Purpose of last personal loan, by all demographics, NI, October 2013
                                                                                                                                                        • Figure 48: Purpose of last personal loan, by all demographics, NI, October 2013 (continued)
                                                                                                                                                        • Figure 49: Purpose of last personal loan, by all demographics, NI, October 2013 (continued)
                                                                                                                                                        • Figure 50: Factors that see consumers pick one loan provider over another, by all demographics, NI, October 2013
                                                                                                                                                        • Figure 51: Factors that see consumers pick one loan provider over another, by all demographics, NI, October 2013 (continued)
                                                                                                                                                        • Figure 52: Factors that see consumers pick one loan provider over another, by all demographics, NI, October 2013 (continued)
                                                                                                                                                        • Figure 53: Agreement with statements relating to personal loans, by all demographics, NI, October 2013
                                                                                                                                                        • Figure 54: Agreement with statements relating to personal loans, by all demographics, NI, October 2013 (continued)
                                                                                                                                                        • Figure 55: Agreement with statements relating to personal loans, by all demographics, NI, October 2013 (continued)

                                                                                                                                                    Companies Covered

                                                                                                                                                    To learn more about the companies covered in this report please contact us.

                                                                                                                                                    Personal Loans - Ireland - September 2013

                                                                                                                                                    £1,095.00 (Excl.Tax)