Sainsbury's Bank researched what personal loans are being used for.
Cheap Loans Leading To Some Odd Purchases

Personal loans are generally unsecured amounts offered to those with good credit at currently historically low interest rates. These loans are typically ranged between £1,000 and £25,000 and over a period up to 5 years. Rates are currently hovering around 4 percent for applicants with a good credit record.

Sainsbury's banking arm conducted some research into the use of these loans and the usual main reasons for applying for a loan came up, including:

  1. Vehicle purchase.
  2. Home renovation.
  3. Debt consolidation.
  4. Holidays.

However, some other unique reasons discovered were:

  1. Financing hair treatments.
  2. Hobbies such as building a steam engine.
  3. Purchasing collectables such as a vintage bus.

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Sainsbury's Bank researched what personal loans are being used for.

22 Apr '15

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