Abstract
The personal loans market has enjoyed a period of sustained and fairly rapid growth since the credit boom of the early noughties. However, it would appear that the era of cheap and abundantly available credit is poised to end. According to Mintel estimates, consumer demand for unsecured personal loans has also declined in recent years. Aside from a weaker consumer appetite for borrowing generally, the two most significant threats to the personal loans industry at present are the ongoing investigation into the payment protection industry and the global ‘credit crunch' .
This report is very much focused on the current challenges facing the personal loans industry. This is portrayed through a number of different perspectives such as regulatory intervention, consumer sentiment and trade and media perspective. In addition, the report makes extensive reference throughout to the best available market data, and in so doing, attempts to span both the qualitative and quantitative aspects of the industry.
This report covers a wide spectrum of the personal loans market - it outlines the factors that influence demand for borrowing, as well as those that influence supply by limiting the profitability and attractiveness of the market. Key players in the market are examined alongside examples of new innovations and new product development in the sector. Finally, the report concludes with consumer research that provides insight into behaviour and attitudes towards personal loans and other types of borrowing.
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