january tops loan charts by Finance News Bulletin
Published: 09/04/08
January is the most popular month in which to take out an unsecured personal loan, according to research by the Halifax.
A study by the lender has also revealed a greater percentage of the loans were taken out to help consolidate debts.
"For many people, the start of the year is a time to get personal finances in order – transferring debt from more expensive products such as store cards or other loans," commented Neil Chandler, head of unsecured personal loans.
The Halifax found that men were more likely to apply for these loans, irrespective of the time of year - it has also revealed they were most popular with borrowers aged 20-29.
Online banking has changed saving and borrowing habits and Mr Chandler explained he has "seen more and more people choosing to organise their finances by either comparing or applying online".
"This convenience and greater access to the internet means that this trend is set to continue," he added.
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