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New research finds the majority of people would take loans

Posted on 17th April 2014

Peachy is excited to release a new batch of new survey results that sheds light into what we really think about money and personal finances. Peachy worked with an external agency to create this survey. Respondents were chosen to find out the insights and opinions about money, credit and personal finance.

Peachy top stats surveyQuestions asked

In the survey, all types of questions were asked. Some of the most popular questions included:

  • If respondents had ever thought of taking out a loan? 100% of the respondents said that they had. Around 87% said that they have considered getting banks loans
  • More than 25% said that they have considered payday loans. When asked why payday loans were chosen over others, almost 33% said that it was because s/he could get money quicker.
  • 23% of respondents said that payday loans were easier to get when asked why they were a top choice for them.
  • When asked what information they want about loans, 58% said they want information about interest rates

Repayments are a key factor for borrowers

The survey found that 53% of respondents said that they would be concerned taking out a loan if they didn’t think that they could keep up with the repayments. It is really important to know if you can keep up with the repayments or not. This shows awareness from survey respondents who also want to be responsible borrowers to avoid falling into financial difficulty.

Online personal finance on the rise

Around 35% of the people who respondent said that they would turn to the Internet for advice on loans. The rise of the Internet has meant that people are more trusting about their money when it comes to being online as seen by the data from the respondents. As instant loans online become popular with lenders, online personal finance is going to grow into a bonafide industry.

Responsible lenders recognised by borrowers

When asked if borrowers felt they were given enough information about a loan, 75% of respondents said yes. This means that responsible lenders are winning in their campaign to give borrowers as much information as possible about taking out a loan. It’s really important for borrowers to be informed which is why Peachy is thrilled about this result. However, borrowers do want more information from lenders as 23% of respondents said lack of information would stop them from taking out a loan.

Personal finance is complex and understood by borrowers

As you can see from this survey, there is a rich and diverse collection of results that shows opinions of British respondents when it comes to money and personal finance. The survey highlights how borrowers understand how credit and loans work but they require more information on repayments and interest rates to make the right decisions for their lives. What stood out for you about our research?

You can find the survey results Peachy – Top Stats

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Peachy Top Stats Info graphic!

21st April 2014 at 11:34 am

[…] last weeks Peachy’s Top Stats Research, we are happy to share our Infographic with you! Here are those key points we have […]

http://blog.peachy.co.uk/peachy-newsroom/peachy-top-stats-infographic/