Brits invest in themselves

The annual Halifax Unsecured Personal Loans review takes a look at what consumers are using personal loans for. The research reveals its not just home improvements and cars that motivate Brits to apply for loans; there is a continued trend when it comes to investing in ourselves ....

The Halifax Unsecured Personal Loan review found just over half (54%) of loan applicants in 2008 took out an unsecured personal loan to allow them to consolidate existing debts, often moving money from more expensive products such as store cards to reduce the cost of their borrowing. Whilst one in six (15%) acquired a loan to allow them to make improvements in and around their home.

Motor Mania

Almost a quarter (23%) of Halifax loan applicants took out an unsecured personal loan in 2008 to help buy a new or used car. Halifax's research reveals that this trend is continuing in 2009 with 22 per cent of Halifax loan applicants wanting to borrow money to purchase a car this year.

Self Investment

The Halifax Unsecured Personal Loans data reveals a trend in the number of consumers who are investing in themselves. It seems that people are continuing to improve their own skills with many choosing to undertake training or study.

Applications for Halifax Unsecured Loans over the past year for such purposes have included:

Altitude Training
Driving Instructor course
Pilot license
Ski Instructor's course
Corgi examination/registration
Astro Observatory

Less Conventional Applications

Over the past year, other reasons for applications have been varied and diverse, including:

Fine Art
False Teeth
A Microlight
A Beach Hut
Cattle
A Mobile Disco
Publishing book/Memoirs

Russell Galley, Director of Loans at Halifax, comments: "Our research shows that loans are taken out for a wide variety of reasons. Similar to the last annual review there is a continued trend in the number of people who are looking to invest in themselves and their future by undertaking further training or making purchases which will help them work smarter.

"Whatever your reason for taking an unsecured personal loan, with Halifax you'll have no monthly repayment for the first three months. This breathing space could help you to pay for other essential extras, such as buying books when taking a course."

For more information, visit halifax.co.uk