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31% of personal loans could be used for debt consolidation


Debts

More than 180,000 people across the UK could take out personal loans for debt consolidation in the first three months of 2017, according to Sainsbury’s Bank.

New research from Sainsbury’s Bank Loans has estimated that this figure equates to 31% of all personal loans taken out during the first three months of the new year.

Sainsbury’s Bank estimates that the average loan size is projected to be around £11,400, 18% more than the average value of loans not intended for debt consolidation (£9,600).

The would mean that the total value of loans taken out between January and March 2017 for debt consolidation would account for 35% of all loans during this period.

“Personal loans can be a fantastic debt consolidation tool, enabling borrowers to lower their monthly repayments and unify their debts and payments under one provider,” said Simon Ranson, head of banking at Sainsbury’s Bank.

“However, in order to justify the new loan, you’ll need to work out if the interest paid on the consolidated balances by the end of the repayment term will be lower than the interest you would have paid under your existing arrangements.”

Sainsbury’s Bank currently offers a loan switcher calculator to help customers gauge whether they might save money by switching their existing loan to one of Sainsbury’s own loans.




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