UK Personal Loans Market Report 2024
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Mintel’s UK Personal Loans Market Report 2024 provides an overview and analysis of the personal loans industry in the UK, including in-depth personal loan market statistics, consumer insights and innovations and marketing opportunities.
As the impact of COVID-19 subsided, Mintel estimates that gross personal loans lending surpassed pre-pandemic levels in 2023. High inflation and rising interest rates have somewhat dampened interest in loans for big-ticket purchases. However, not all big-ticket purchases can be put off, and loans offer a key solution for consumers with little put aside in savings.
Over half of Brits have unsecured debts, with those aged 35-54 most likely to owe money on a personal loan. Retail banks, building societies and retailers account for 50% of existing personal loan customers. Traditional lenders provide a sense of safety and security for consumers when taking out a loan, as they have long track records of providing finance to individuals.
For lenders, competing on interest rates is a key part of attracting new business. Almost half of existing or would-be borrowers consider low interest rates as an important factor when choosing a new loan. With rates having risen across the market, there is now more scope for cheaper products to stand out.
Purchase Mintel’s full report for more opportunities for growth in the UK personal loans market, alongside a complete overview and analysis of the market.
This report, written by Lewis Cone, a leading Financial Services analyst, delivers in-depth commentary and analysis to highlight current trends in the UK personal loans market and add expert context to the numbers.
Interest rate rises have made loans more expensive, but demand remains high, both for aspirational goals and debt consolidation.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.