Young people becoming increasingly reliant on credit

19th July 2023 Consumer Lending | #credit#loans

The cost of living is causing more young people to become dependent on the use of credit to manage their finances according to new research Moneyhub Decisioning. The research has found that in the last six months, a quarter (24%) of people under the age of 35 have applied for an overdraft, of which 21%…

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Loan requests increase by 22%

30th May 2023 Consumer Lending | #loans

Research by consumer lender Fluro found that there has been a 22% uplift in consumers making loan requests during April 2023, compared to the same period last year. As the cost of living squeezes personal finances, growing numbers of consumers are looking to consolidate their debts or shift spending behaviours. Compared to the same period…

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New lenders met growing demand for consumer loans last year

Research from Freedom Finance has revealed that the leading challengers and neo banks added over £1.5 billion of capacity to the UK’s unsecured personal loan market in 2022. The analysis reveals that a basket of challenger brands and digital-only lenders increased unsecured personal lending to consumers by over £1.5 billion, an increase of 34% on…

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Credit card and personal loan rates decline in first quarter

Analysis of the latest Bank of England data on average quoted household interest rates from Freedom Finance has raised hopes that consumer credit rates may now be in reverse after a year of sustained increases in the cost of borrowing. The data shows that average rates on personal loans of £5k and £10k as well…

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Personal loan requests surge as consumers consolidate their debts

22nd February 2023 Consumer Lending | #debt#loans

New research by Fluro has found a surge in personal loan requests as consumers consolidate their debts.. The study reveals that the UK consumer lending market has experienced a spike in activity in January 2023, with Fluro’s data tracking the highest numbers of loans requested since the summer. The year began with just over a…

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Personal loans see second biggest monthly spike on record

10th November 2022 Consumer Lending | #loans

Analysis of the latest Bank of England figures from Freedom Finance, has found that the average quoted household rates on personal loans are accelerating sharply. Rates on both £5,000 and £10,000 personal loans registered the second largest monthly increase ever recorded and grew to their highest levels in recent years. The average quoted household rate on…

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Credit Union loans hit £1.87bn record high

2nd November 2022 Alternative Consumer Lending | #loans

Analysis from Freedom Finance found that more and more people in the UK are taking out loans from Credit Unions as the cost of borrowing reaches new highs. The latest data released by the Bank of England revealed that 1.94 million people in the UK were members of a Credit Union in the second quarter…

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One in seven consumers say lending experience is a decade behind online banking

9th June 2022 Consumer Lending | #loans

New research by Marqeta has indicated that many consumers are frustrated with lending experience and want less jargon and more clarity, with 80% believing that lenders try to obscure the final cost of a loan. The findings part of Marqeta’s new report “Seeking out the alternatives: how consumers are engaging with the lending 3.0 landscape”…

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Credit card spending and personal loan borrowing increases

Credit card spending and personal loan borrowing both increased in the first quarter of 2022, returning to pre-Covid trends as the last restrictions were ended according to new analysis by UK Finance. Total credit card spending was £50.4 billion, with March seeing the second highest spending since the pandemic. There was a significant increase in…

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Demand for lending on loans and credit cards rises

The Bank of England has published its latest credit survey which has shown that the demand for lending on credit cards and loans rose in the first three months of the year and is expected to do so again this Spring, as households struggle to cope with rising prices. The survey also showed that demand…

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