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Loans Latest News Debt consolidation remains top reason for taking out loans
Loans Latest News Debt consolidation remains top reason for taking out loans Debt consolidation remains top reason for taking out loans
Debt consolidation has remained the most common reason for taking out a lone, according to a recent study on consumer activity in the loan marketplace.
The research, carried out by Polarloans.co.uk's Money Monitor, found that 42 per cent of those who took out a loan with the site in May did so in order to consolidate their debt.
The average amount taken out for debt consolidation was £23,886, second only to business loans with borrowers taking loans of £36,903 on average.
Business loans attracted 17 per cent of borrowers, with one in five using their loans for home improvements and ten per cent using the money for either wedding loans, holiday loans, remortgages or boat loans. Nine per cent took out a loan to buy a car.
Of those taking out loans, 86 per cent were in employment and 9 per cent were self-employed.
The average amount taken out by borrowers via Polarloans.co.uk in May was estimated at £22,638.
The research, carried out by Polarloans.co.uk's Money Monitor, found that 42 per cent of those who took out a loan with the site in May did so in order to consolidate their debt.
The average amount taken out for debt consolidation was £23,886, second only to business loans with borrowers taking loans of £36,903 on average.
Business loans attracted 17 per cent of borrowers, with one in five using their loans for home improvements and ten per cent using the money for either wedding loans, holiday loans, remortgages or boat loans. Nine per cent took out a loan to buy a car.
Of those taking out loans, 86 per cent were in employment and 9 per cent were self-employed.
The average amount taken out by borrowers via Polarloans.co.uk in May was estimated at £22,638.
Friday, 17 June 2005 17:32
Top 5 Personal Loans
|
Loan |
Representative APR |
Min Loan |
Max Loan |
Min Term |
Max Term |
Apply |
|---|---|---|---|---|---|---|
| View Full Table > | ||||||
 |
6.8%
|
£7,500
|
£14,999
|
1 Year
|
5 Years
|
|
| Representative Example: £7500 borrowed over a period of 5 years at 6.8% (fixed) equals monthly repayments of £148 and a total amount repayable of £8,868. There are no other charges included in the total charge for credit. | ||||||
 |
8.2%
|
£5,000
|
£7,499
|
1 Year
|
7 Years
|
|
| Representative Example: £5000 borrowed over a period of 5 years at 8.2% (fixed) equals monthly repayments of £102 and a total amount repayable of £6,112. There are no other charges included in the total charge for credit. | ||||||
 |
6.1%
|
£7,500
|
£14,999
|
1 Year
|
10 Years
|
|
| Representative Example: £7500 borrowed over a period of 5 years at 6.1% (fixed) equals monthly repayments of £145 and a total amount repayable of £8,721. There are no other charges included in the total charge for credit. | ||||||
|
|
8.1%
|
£15,001
|
£25,000
|
1 Year
|
7 Years
|
|
| Representative Example: £15001 borrowed over a period of 5 years at 8.1% (fixed) equals monthly repayments of £305 and a total amount repayable of £18,293. There are no other charges included in the total charge for credit. | ||||||
|
|
6.1%
|
£7,500
|
£15,000
|
1 Year
|
7 Years
|
|
| Representative Example: £7500 borrowed over a period of 5 years at 6.1% (fixed) equals monthly repayments of £145 and a total amount repayable of £8,721. There are no other charges included in the total charge for credit. | ||||||
