IntroductionWith lesser growth opportunities in the market place, customer acquisition continues to be a major focus for lenders, including unsecured loan providers.
Undoubtedly, to be able to design suitable customer acquisition strategies, there is a need for lenders to understand personal loan customers, particularly their behavior and needs.ScopeUses Ipsos MORI data to understand the needs and requirements of personal loan customers.
Provides data analysis split by age groups and income bands.
Provides examples of lenders' acquisition strategies.
Focus on UK consumers.HighlightsThe typical size of an unsecured personal loan is likely to fall between £5,000 and £9,999.
Indeed, 32 per cent of the sample surveyed stated that the original size of the loan fell within this size range.
In recent years, as consumer debt has increased and unsecured lending has become more of a burden, a number of lenders have reduced the number of new customers they are taking on board.
Many have opted to put more emphasis on their existing customer base, particularly for those lenders servicing a customer base of significant size.
With 37 per cent of responses, car purchase is the major reason for taking out a personal loan.
This is slightly down on 2005 results where 39 per cent stated 'car purchase / motorbike' as the reason.
Interestingly, personal loans are taken out more often for used car purchases than for new car purchases.Reasons to PurchaseGain access to consumer data to understand the behavior and needs of personal loan customers.
Learn the importance of the various factors influencing the customer buying decision.
Learn what players are doing to acquire customers in the UK personal loan market.