New Year Loans - Loans - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

New Year Loans

New Year Loans

Category: Loans

Updated: 17/12/2009
First Published: 13/02/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

New research by Halifax Unsecured Personal Loans shows that when it comes to sticking to our New Years' Resolutions, as far as personal finances are concerned, we're determined to stay on track.

The research shows that January is the most popular month to take out an unsecured personal loan – almost double some other months of the year. More significantly, the percentage of loans taken out for debt consolidation also increases – again making January the most popular month for this type of loan by far.

Neil Chandler, Head of Halifax Unsecured Personal Loans, comments:

"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. Our research shows that this is certainly the case, with the number of loans taken out for debt consolidation increasing.

"Using an unsecured personal loan for debt consolidation means you have just one fixed monthly payment for all your debts making it easier for people to manage their finances."

Men more likely to apply for consolidation loans than women:

The research also showed that men are more likely to apply for a debt consolidation loan than women regardless of the time of year.

Younger generation more likely to consolidate debts:

Those aged 20-29 years old are most likely to take a loan for debt consolidation purposes closely followed by those aged 30-39 years old.

Neil Chandler continues: "We have seen more and more people choosing to organise their finances by either comparing or applying online. Typically, an online application takes less than 10 minutes to complete and can be done at any time of the day. This convenience and greater access to the internet means that this trend is set to continue."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Blue Monday hits nation’s finances

Today has been dubbed Blue Monday – the most depressing day of the year – and considering how many people could be battling with their finances this month, it’s little wonder.

Calls to make the loans market clearer

At first glance the personal loans market may seem simple enough, but get into the nitty gritty and it can be anything but. As a result, some are calling for action to make the market clearer and fairer for all.

Get the cheapest ever personal loan!

Have you woken up with a financial hangover after the festivities? Perhaps you’ve got big plans for the year ahead, or maybe you need a new car? Well, whatever your reasons for needing a loan, you can now snap one up for the cheapest ever rate!