Personal Loans - UK - September 2010
This report examines the size of the personal loan market, providing context against the wider consumer credit market. It also looks at the wider economic factors affecting the demand for and supply of personal loans. Distribution and advertising trends are also considered, along with key developments in the market. Mintel’s consumer research explores credit product ownership, the financial position of consumers and their general attitudes towards personal loans.
- There’s a strong consumer preference for more flexible forms of credit. Only 8% of adults say they have an unsecured personal loan, equivalent to around 4 million adults.
- Consumers’ approach to credit has changed as a result of the slowdown, and demand for borrowing and, in particular, personal loans remains weak.
- Around a third of consumers regard personal loans as a last resort product, with middle income groups and third agers most likely to agree with this sentiment.
- In a sign of how the slowdown is causing some over-indebted consumers real financial difficulties, the proportion of loans arranged for debt consolidation has risen in recent years.
- More than two-fifths of personal loan holders state they would always shop around for the best rate, although only a small proportion expect to extend their borrowing over the next year.
- Around a quarter of adults believe that you’ve a better chance of being accepted for a loan if you go to an existing bank – this is particularly the case for consumers aged over 45.
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
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 tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
Why buy from us?
Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.
Buy now and you'll have instant access to the information you need to make the right decisions.
Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.
A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.