UK Unsecured Loans market report
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Providing the most comprehensive and up-to-date information and analysis of the Unsecured Loans market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Covered in this report
This report looks at the unsecured loans market in the UK. This includes personal loans and high-cost short-term credit, including payday loans. It does not cover analysis of business loans, or secured loans, which are typically secured against the borrower’s property. For the purposes of this report, Mintel has used the following definitions:
Personal loans are structured credit products, in the main, available to borrow for between £1,000 and £25,000 (subject to credit checks) over fixed repayment terms of one to 10 years.
High-cost short-term credit loans and payday loans are defined as unsecured loans of value under £1,000 with a repayment term of typically less than one year.
Guarantor loans are unsecured loans where a second person (the guarantor) is responsible for paying off the debt if the person who took out the loan is unable to meet the repayments. Guarantor loans are available from between £500 and £10,000. This report considers guarantor loans to be high-cost credit.
Peer-to-peer (P2P) loans are personal loans lent through a P2P platform, which matches savers and borrowers to cut out the role of banks in lending money to consumers. P2P loans are typically available from £1,000 up to a value of £25,000.
Key points included
- A change in the tide
- From soft search to smart search
- Could shift borrowers towards personal loans
Expert analysis from a specialist in the field
Written by Irene Salazar, a leading analyst in the Financial Services sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Broader market forces are impacting the credit sector amid growing uncertainty, which is likely to result in important changes in the availability of and preference for different types of credit. A shift towards structured and affordable borrowing is expected, but if personal loans are to benefit providers must get better at matching borrowers with the best solution for their needs.
Financial Services Analyst
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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