Introduction2005 saw a subdued performance from many unsecured loan providers as the market contracted.
Moreover, 2006 was another tough year for unsecured personal loans.
In fact, lenders are feeling a number of competitive pressures, as the personal loan market remains as competitive as ever.ScopeProvides insight on how lenders are dealing with a number of competitive pressures.
Discusses the key competitive changes in the market over the last year.
Incorporates primary interviews from industry experts and secondary data from a wide range of sources.HighlightsThough the personal loan market is highly competitive, the UK's top five lenders maintained their market share of the market in 2005, at 41.4 per cent.
Northern Rock, AA Financial Services, Egg, Abbey and Nationwide performed particularly well over 2005.
Given the poor performance of the unsecured personal loan market in 2006, it is unsurprising that the majority of lenders saw mixed performances.
Indeed, many lenders even saw a drop in balances outstanding compared to the end of 2005.
Responding to the tough competitive market environment, the leading unsecured personal loan providers have raised their share of total advertising expenditure yet again in 2006.
While total unsecured personal loan advertising expenditure decreased from 2005 to 200 , the top 30 competitors' spend in the market increased from 45.2 to 50.6 per cent.Reasons to PurchaseGain insight on which lenders are performing well in a highly competitive market.
Learn how the market is changing and evaluate any opportunities for your business arising from these changes.
Understand how lenders are responding in a market where bad debt remains an issue.