Female consumers 9% less likely to apply for debt consolidation loans than male consumers 

New research by Loantube has revealed that female consumers are most likely to apply for a loan for home improvements (42%), followed by debt consolidation (32%) and buying a new car (10%).

Among the consumer borrowing trends, LoanTube’s data reveals that female consumers are most likely to apply for a loan for home improvements (42%), requesting on average £1,603. Male consumers, however, are most likely to apply for a loan for debt consolidation (35%), requesting on average £2,193.

The research also shows that female consumers are 9% less likely than male consumers to apply for a loan for debt consolidation, but when they do, the average amount requested (£2,631) is 22% higher than their male counterparts (£2,193). This difference in average requested loan amount for debt consolidation is highest amongst young people, as women aged 18-35 request 19% more for debt consolidation (£2,714) than their male counterparts (£2,193), with the difference narrowing to 11% more in the 66+ age group (£2,121 vs £1,888).

Aymeric Monod-Gayraud, Co-Founder of LoanTube said “Our consumer borrowing trends report shows that women are applying for larger loans to consolidate debt, highlighting the financial difficulties they face disproportionately. On International Women’s Day, fintechs must acknowledge the persistent differences in financial challenges by women and ensure that their products and services support financial literacy.”