Most online applications for personal loans are by men

Mon, 27 Jun 2005

Men are more likely than women to apply for a personal loan online, new research revealed.

Halifax found that men are 50 per cent more likely than females to shop for a personal loan on the internet.

When shopping around for a personal loan, singletons are also more likely to revert to the internet than married couples. People who are single are making nearly half of all online applications for personal loans.

The number of online applications for personal loans has more than doubled in the last three years according to the head of business development at Halifax unsecured personal loans, Max Vialou-Clark.

He said that this trend shows no sign of slowing, but added that the gap between the number of men and women applying for personal loans online shows no signs of narrowing and has remained constant for the last few years.

Londoners are the most internet-savvy, followed by people in the North West and Northern Ireland.

Nearly a quarter of all online applications for personal loans are made by Londoners.

NOP World Financial research shows that 13.5 million people used some sort of online financial services last year. That accounts for 48 per cent of all internet users.

Of these 13.5 million, 84 per cent search, compare or get a quote.

Mr Vialou-Clark concluded: "Conducting your personal finances online has the obvious advantages in terms of convenience and ease of use."

He added that quick approval decisions about personal loans, as well as highly competitive pricing mean that internet users could get great deals at the touch of a button.

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