Debt consolidation still main reason for a loan

In May, 42% of all loan applications were for debt consolidation with the average loan size for this type of product being £23,886.

20% of applications were for home improvements, with householders looking to spend an average of £17,358 on improving their bricks and mortar.

The other reasons people applied for a loan were as follows:

Business - 17% - average loan size: £36,903

Car - 9% - average loan size: £11,095

Others - 12% (includes Wedding, Holiday, Boat loans, and Remortgages) - average loan size: £14,893

86% of applicants were employed and 9% self-employed. The remaining 5% were a mix of unemployed, retired, disabled and housewife/househusband.

The overall average loan size required was £22,638.