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PERSONAL LOAN STATISTICS
FIND OUT WHAT THE AVERAGE INTEREST RATE ON A PERSONAL LOAN IS IN THE UK.
By
Emily Herring
Updated
Aug 11, 2022
Share
Navigate Research
In this guide
* Quick overview
* Personal Debt
* Interest rates on personal loans
* Quarterly personal loan write-offs
* Postcode areas with the highest amount of personal loans per person
Research
Browse all research pages
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Brits have been taking out personal loans for decades – to go on a well deserved
holiday, to refurbish their houses, to buy their first cars. But how many people
are doing it exactly? And is it more expensive now than it was 15 years ago?
Personal loans are a type of unsecured loan, in other words, a loan granted
based on factors such as a person’s income and credit score, rather than being
backed by anything concrete. In our report below, you’ll find exact figures from
the Bank of England relating to these loans, spanning over the past 25 years.
The charts and tables below contain the most recent available data, as at the
start of each month.
QUICK OVERVIEW
The latest borrowing statistics from the Bank of England found that in June
2022, the average APR for a £10,000 loan was 4.11%– the highest level since
August 2016.The average APR for a £5,000 personal loan rose to 8.2% in June, up
from 8.14% in May.The average APR for an overdraft was as high as 35.2% in June
2022The average total debt is £64,581 per household (including mortgages), which
is 7% (£4,218) more than 2020.By postcode area, Northampton (NN) has the highest
level of personal loan debt per capita in the UK at £753.This is closely
followed by Salisbury (SP), which has a per capita personal loan debt of £750.
PERSONAL DEBT
Personal debt has increased in 2022, with the UK population owing £1,794.8
billion by the end of May 2022. In 2020, personal debt fluctuated between
£1,680- £1,697 billion.
The average total debt per household, including mortgages, was £64,581 in May
2022. It has been high since March 2022 (above £64000). This amount has been
increasing every month since January 2020.
* Graph
* Table
Region
2009
2010
Spain
12.11
11.35
France
10.51
10.53
Italy
2.82
2.63
USA
3.54
3.92
Rep. of Ireland
4.05
3.83
Netherlands
2.01
2.05
Greece
1.99
1.85
Germany
2.33
2.51
Portugal
1.91
2.08
Poland
1.66
1.64
Turkey
1.72
2.01
Belgium
1.54
1.66
India
0.96
1.04
Switzerland
0.94
1.06
Romania
0.16
0.18
United Arab Emirates
0.61
0.59
Cyprus
1.06
1
Hungary
0.25
0.31
Malta
0.39
0.49
Morocco
0.33
0.35
Czech Republic
0.47
0.42
Pakistan
0.43
0.5
Canada
0.52
0.5
INTEREST RATES ON PERSONAL LOANS
The interest that is charged on personal loans has varied wildly over the years,
with the interest rates on £10,000 loans being consistently lower than those on
£5,000 loans.
£5,000 LOANS
In June 2022, the interest rates for a £5,000 loans were at an average of 8.2%.
This is higher than the rates seen during the fourth quarter of 2021 and first
quarter of 2022. In 2019, the average was slightly lower at 7.8%, the lowest
rate in over a decade. £5,000 loans reached their peak interest rates in 2012,
with an average of 13.2%.
* Graph
* Table
Month
Total write-offs (in £ million)
Mar 2022
773
Dec 2021
902
Sep 2021
982
Jun 2021
958
March 2021
1042
Dec 2020
960
Sep 2020
940
June 2020
851
Mar 2020
386
Dec 2019
433
Sep 2019
456
Jun 2019
353
Mar 2019
341
Dec 2018
305
Sep 2018
342
Jun 2018
282
Mar 2018
228
Dec 2017
140
Sep 2017
185
Jun 2017
136
Mar 2017
149
Dec 2016
237
Sep 2016
182
Jun 2016
182
Mar 2016
259
Dec 2015
458
Sep 2015
190
Jun 2015
230
Mar 2015
422
Dec 2014
253
Sep 2014
439
Jun 2014
287
Mar 2014
214
Dec 2013
219
Sep 2013
477
Jun 2013
194
Mar 2013
419
Dec 2012
381
Sep 2012
445
Jun 2012
435
Mar 2012
588
Dec 2011
425
Sep 2011
579
Jun 2011
760
Mar 2011
858
Dec 2010
925
Sep 2010
959
Jun 2010
1151
Mar 2010
718
Dec 2009
1799
Sep 2009
1024
Jun 2009
986
Mar 2009
786
Dec 2008
865
Sep 2008
762
Jun 2008
976
Mar 2008
641
Dec 2007
898
Sep 2007
699
Jun 2007
1018
Mar 2007
914
Dec 2006
1186
Sep 2006
946
Jun 2006
821
Mar 2006
836
Dec 2005
1597
Sep 2005
684
Jun 2005
793
Mar 2005
512
Dec 2004
633
Sep 2004
489
Jun 2004
593
Mar 2004
493
Dec 2003
469
Sep 2003
524
Jun 2003
463
Mar 2003
491
Dec 2002
542
Sep 2002
446
Jun 2002
390
Mar 2002
524
Dec 2001
405
Sep 2001
351
Jun 2001
331
Mar 2001
325
Dec 2000
345
Sep 2000
253
Jun 2000
235
Mar 2000
259
Dec 1999
394
Sep 1999
275
Jun 1999
285
Mar 1999
266
Dec 1998
240
Sep 1998
206
Jun 1998
205
Mar 1998
203
Dec 1997
225
Sep 1997
252
Jun 1997
217
Mar 1997
300
Dec 1996
316
Sep 1996
231
Jun 1996
240
Mar 1996
279
Dec 1995
346
Sep 1995
215
Jun 1995
181
Mar 1995
224
Dec 1994
237
Sep 1994
198
Jun 1994
182
Mar 1994
228
Dec 1993
304
Sep 1993
193
Jun 1993
179
Mar 1993
267
£10,000 LOANS
The average interest rate for a £10,000 loan in June 2022 was 4.11% which is
reasonably high compared to the last two years. From October 2016 up until April
2022, they were under 4%.
* Graph
* Table
Month
Total write-offs (in £ million)
Mar 2022
773
Dec 2021
902
Sep 2021
982
Jun 2021
958
March 2021
1042
Dec 2020
960
Sep 2020
940
June 2020
851
Mar 2020
386
Dec 2019
433
Sep 2019
456
Jun 2019
353
Mar 2019
341
Dec 2018
305
Sep 2018
342
Jun 2018
282
Mar 2018
228
Dec 2017
140
Sep 2017
185
Jun 2017
136
Mar 2017
149
Dec 2016
237
Sep 2016
182
Jun 2016
182
Mar 2016
259
Dec 2015
458
Sep 2015
190
Jun 2015
230
Mar 2015
422
Dec 2014
253
Sep 2014
439
Jun 2014
287
Mar 2014
214
Dec 2013
219
Sep 2013
477
Jun 2013
194
Mar 2013
419
Dec 2012
381
Sep 2012
445
Jun 2012
435
Mar 2012
588
Dec 2011
425
Sep 2011
579
Jun 2011
760
Mar 2011
858
Dec 2010
925
Sep 2010
959
Jun 2010
1151
Mar 2010
718
Dec 2009
1799
Sep 2009
1024
Jun 2009
986
Mar 2009
786
Dec 2008
865
Sep 2008
762
Jun 2008
976
Mar 2008
641
Dec 2007
898
Sep 2007
699
Jun 2007
1018
Mar 2007
914
Dec 2006
1186
Sep 2006
946
Jun 2006
821
Mar 2006
836
Dec 2005
1597
Sep 2005
684
Jun 2005
793
Mar 2005
512
Dec 2004
633
Sep 2004
489
Jun 2004
593
Mar 2004
493
Dec 2003
469
Sep 2003
524
Jun 2003
463
Mar 2003
491
Dec 2002
542
Sep 2002
446
Jun 2002
390
Mar 2002
524
Dec 2001
405
Sep 2001
351
Jun 2001
331
Mar 2001
325
Dec 2000
345
Sep 2000
253
Jun 2000
235
Mar 2000
259
Dec 1999
394
Sep 1999
275
Jun 1999
285
Mar 1999
266
Dec 1998
240
Sep 1998
206
Jun 1998
205
Mar 1998
203
Dec 1997
225
Sep 1997
252
Jun 1997
217
Mar 1997
300
Dec 1996
316
Sep 1996
231
Jun 1996
240
Mar 1996
279
Dec 1995
346
Sep 1995
215
Jun 1995
181
Mar 1995
224
Dec 1994
237
Sep 1994
198
Jun 1994
182
Mar 1994
228
Dec 1993
304
Sep 1993
193
Jun 1993
179
Mar 1993
267
QUARTERLY PERSONAL LOAN WRITE-OFFS
The most extreme year for write-offs was after the financial crisis in 2008-2009
when £3.75 billion was written off in total in 2010. After 2010, the write-off
trend started to decrease. In 2019, £1.58 billion was written off.
In the first quarter of 2022, £773 million has already been written off. From
this figure, £270 million was credit card debt which led to a daily write-off of
£3 million.
If the rest of 2022 follows the first quarter trend, written off debt could
reach £3.09 billion for the year. This would be almost double the amount written
off in 2019.
* Graph
* Table
Month
Total write-offs (in £ million)
Mar 2022
773
Dec 2021
902
Sep 2021
982
Jun 2021
958
March 2021
1042
Dec 2020
960
Sep 2020
940
June 2020
851
Mar 2020
386
Dec 2019
433
Sep 2019
456
Jun 2019
353
Mar 2019
341
Dec 2018
305
Sep 2018
342
Jun 2018
282
Mar 2018
228
Dec 2017
140
Sep 2017
185
Jun 2017
136
Mar 2017
149
Dec 2016
237
Sep 2016
182
Jun 2016
182
Mar 2016
259
Dec 2015
458
Sep 2015
190
Jun 2015
230
Mar 2015
422
Dec 2014
253
Sep 2014
439
Jun 2014
287
Mar 2014
214
Dec 2013
219
Sep 2013
477
Jun 2013
194
Mar 2013
419
Dec 2012
381
Sep 2012
445
Jun 2012
435
Mar 2012
588
Dec 2011
425
Sep 2011
579
Jun 2011
760
Mar 2011
858
Dec 2010
925
Sep 2010
959
Jun 2010
1151
Mar 2010
718
Dec 2009
1799
Sep 2009
1024
Jun 2009
986
Mar 2009
786
Dec 2008
865
Sep 2008
762
Jun 2008
976
Mar 2008
641
Dec 2007
898
Sep 2007
699
Jun 2007
1018
Mar 2007
914
Dec 2006
1186
Sep 2006
946
Jun 2006
821
Mar 2006
836
Dec 2005
1597
Sep 2005
684
Jun 2005
793
Mar 2005
512
Dec 2004
633
Sep 2004
489
Jun 2004
593
Mar 2004
493
Dec 2003
469
Sep 2003
524
Jun 2003
463
Mar 2003
491
Dec 2002
542
Sep 2002
446
Jun 2002
390
Mar 2002
524
Dec 2001
405
Sep 2001
351
Jun 2001
331
Mar 2001
325
Dec 2000
345
Sep 2000
253
Jun 2000
235
Mar 2000
259
Dec 1999
394
Sep 1999
275
Jun 1999
285
Mar 1999
266
Dec 1998
240
Sep 1998
206
Jun 1998
205
Mar 1998
203
Dec 1997
225
Sep 1997
252
Jun 1997
217
Mar 1997
300
Dec 1996
316
Sep 1996
231
Jun 1996
240
Mar 1996
279
Dec 1995
346
Sep 1995
215
Jun 1995
181
Mar 1995
224
Dec 1994
237
Sep 1994
198
Jun 1994
182
Mar 1994
228
Dec 1993
304
Sep 1993
193
Jun 1993
179
Mar 1993
267
POSTCODE AREAS WITH THE HIGHEST AMOUNT OF PERSONAL LOANS PER PERSON
The areas with the largest populations will typically have the highest
outstanding amount of personal loans. However, by looking deeper into the data,
you can reveal a different story on a per capita basis.
Rank
Area code
Postcode area
Outstanding balances
Per capita
1
NN
Northampton
£485.7 million
£753
2
SP
Salisbury
£170.9 million
£750
3
RG
Reading
£568.8 million
£744
4
SL
Slough
£269.0 million
£733
5
WA
Warrington
£446.0 million
£733
6
CW
Crewe
£223.6 million
£733
7
RH
Redhill
£378.5 million
£723
8
MK
Milton Keynes
£357.7 million
£715
9
DA
Dartford
£304.1 million
£714
10
CM
Chelmsford
£453.8 million
£705
WHICH REGIONS HAVE THE HIGHEST AMOUNT OF OUTSTANDING PERSONAL LOANS?
We looked into how much each region in the UK owes in personal debt. London is
unsurprisingly in the lead, with over £6 billion in outstanding personal loans.
The South East follows closely in second with over £5.7 billion outstanding. The
North East has the smallest amount of personal loan debt, with just under £1.6
billion.
* PREVIOUS RESEARCH: PERSONAL LOAN STATISTICS 2020
QUICK OVERVIEW
* The average APR for a personal loan of £5,000 is 7.87%. For a loan of
£10,000 it’s 3.48%.
* An overdraft has an average APR of 19.72%.
* The average debt is £60,363 per household (including mortgages). This is
£1,680 billion in total for the whole of the UK.
* The average credit card debt is £2,595. By making only the minimum payment
every month, this would take 26 years and 8 months to pay off.
MONTHLY AMOUNT LENT VIA UNSECURED LOANS, 1993-2020
* Monthly amount
* Table
Month
Total lending (in £ billion)
Jun 2020
11.97
May 2020
9.14
Apr 2020
8.30
Mar 2020
14.78
Feb 2020
15.79
Jan 2020
17.49
Dec 2019
17.70
Nov 2019
16.83
Oct 2019
17.28
Sep 2019
17.33
Aug 2019
17.33
Jul 2019
18.77
Jun 2019
16.60
May 2019
17.89
Apr 2019
17.88
Mar 2019
17.03
Feb 2019
15.58
Jan 2019
17.31
Dec 2018
16.59
Nov 2018
17.47
Oct 2018
17.77
Sep 2018
15.91
Aug 2018
17.18
Jul 2018
17.65
Jun 2018
16.68
May 2018
17.18
Apr 2018
16.44
Mar 2018
16.04
Feb 2018
14.68
Jan 2018
16.62
Dec 2017
15.34
Nov 2017
16.60
Oct 2017
16.20
Sep 2017
15.60
Aug 2017
16.14
Jul 2017
16.21
Jun 2017
15.79
May 2017
16.54
Apr 2017
14.81
Mar 2017
16.96
Feb 2017
14.53
Jan 2017
16.10
Dec 2016
15.51
Nov 2016
16.11
Oct 2016
15.70
Sep 2016
15.84
Aug 2016
16.31
Jul 2016
15.32
Jun 2016
15.56
May 2016
15.78
Apr 2016
15.01
Mar 2016
15.80
Feb 2016
14.96
Jan 2016
14.24
Dec 2015
15.42
Nov 2015
15.31
Oct 2015
14.84
Sep 2015
15.41
Aug 2015
14.75
Jul 2015
15.43
Jun 2015
15.55
May 2015
14.20
Apr 2015
14.24
Mar 2015
15.53
Feb 2015
13.20
Jan 2015
13.97
Dec 2014
15.51
Nov 2014
13.76
Oct 2014
14.67
Sep 2014
14.02
Aug 2014
12.80
Jul 2014
13.74
Jun 2014
13.39
May 2014
13.18
Apr 2014
12.92
Mar 2014
13.38
Feb 2014
11.88
Jan 2014
12.96
Dec 2013
13.26
Nov 2013
12.74
Oct 2013
12.95
Sep 2013
13.02
Aug 2013
12.80
Jul 2013
13.84
Jun 2013
12.04
May 2013
12.72
Apr 2013
12.55
Mar 2013
11.78
Feb 2013
10.89
Jan 2013
11.67
Dec 2012
12.74
Nov 2012
12.63
Oct 2012
13.02
Sep 2012
11.66
Aug 2012
12.33
Jul 2012
12.57
Jun 2012
11.56
May 2012
12.35
Apr 2012
11.63
Mar 2012
12.13
Feb 2012
11.11
Jan 2012
11.92
Dec 2011
12.38
Nov 2011
12.24
Oct 2011
11.89
Sep 2011
12.08
Aug 2011
12.73
Jul 2011
11.97
Jun 2011
12.15
May 2011
12.34
Apr 2011
11.21
Mar 2011
12.29
Feb 2011
10.73
Jan 2011
11.36
Dec 2010
12.28
Nov 2010
12.93
Oct 2010
11.51
Sep 2010
12.22
Aug 2010
12.32
Jul 2010
12.21
Jun 2010
12.52
May 2010
11.35
Apr 2010
11.59
Mar 2010
12.61
Feb 2010
10.77
Jan 2010
10.44
Dec 2009
11.86
Nov 2009
11.27
Oct 2009
10.95
Sep 2009
11.51
Aug 2009
10.87
Jul 2009
12.11
Jun 2009
12.08
May 2009
11.02
Apr 2009
11.31
Mar 2009
12.18
Feb 2009
10.48
Jan 2009
11.44
Dec 2008
13.22
Nov 2008
11.71
Oct 2008
12.80
Sep 2008
13.30
Aug 2008
12.24
Jul 2008
13.73
Jun 2008
13.17
May 2008
13.21
Apr 2008
13.24
Mar 2008
13.00
Feb 2008
13.14
Jan 2008
13.83
Dec 2007
14.25
Nov 2007
14.57
Oct 2007
14.74
Sep 2007
13.00
Aug 2007
14.23
Jul 2007
14.80
Jun 2007
13.68
May 2007
14.33
Apr 2007
13.28
Mar 2007
13.96
Feb 2007
12.36
Jan 2007
14.39
Dec 2006
13.80
Nov 2006
14.37
Oct 2006
14.78
Sep 2006
13.80
Aug 2006
14.46
Jul 2006
14.24
Jun 2006
14.38
May 2006
15.21
Apr 2006
13.13
Mar 2006
14.70
Feb 2006
13.35
Jan 2006
14.88
Dec 2005
15.06
Nov 2005
15.40
Oct 2005
14.99
Sep 2005
15.04
Aug 2005
16.08
Jul 2005
14.72
Jun 2005
15.47
May 2005
15.31
Apr 2005
14.46
Mar 2005
15.35
Feb 2005
13.97
Jan 2005
14.56
Dec 2004
15.49
Nov 2004
16.26
Oct 2004
14.90
Sep 2004
15.60
Aug 2004
15.67
Jul 2004
16.01
Jun 2004
16.20
May 2004
14.49
Apr 2004
14.64
Mar 2004
16.31
Feb 2004
14.00
Jan 2004
14.25
Dec 2003
15.72
Nov 2003
14.18
Oct 2003
15.34
Sep 2003
15.42
Aug 2003
14.07
Jul 2003
16.06
Jun 2003
14.84
May 2003
14.11
Apr 2003
13.80
Mar 2003
13.70
Feb 2003
12.60
Jan 2003
13.95
Dec 2002
14.32
Nov 2002
13.27
Oct 2002
13.85
Sep 2002
13.32
Aug 2002
13.54
Jul 2002
15.07
Jun 2002
12.38
May 2002
14.38
Apr 2002
14.28
Mar 2002
12.96
Feb 2002
12.19
Jan 2002
13.01
Dec 2001
12.94
Nov 2001
13.12
Oct 2001
13.55
Sep 2001
11.60
Aug 2001
12.60
Jul 2001
13.21
Jun 2001
12.04
May 2001
12.18
Apr 2001
11.46
Mar 2001
11.37
Feb 2001
10.25
Jan 2001
11.40
Dec 2000
10.96
Nov 2000
11.13
Oct 2000
11.09
Sep 2000
10.13
Aug 2000
11.12
Jul 2000
10.99
Jun 2000
11.02
May 2000
11.36
Apr 2000
9.52
Mar 2000
11.07
Feb 2000
10.22
Jan 2000
9.72
Dec 1999
10.66
Nov 1999
10.79
Oct 1999
9.64
Sep 1999
10.19
Aug 1999
10.01
Jul 1999
10.03
Jun 1999
10.05
May 1999
8.67
Apr 1999
8.99
Mar 1999
9.81
Feb 1999
8.35
Jan 1999
8.26
Dec 1998
9.63
Nov 1998
9.07
Oct 1998
8.88
Sep 1998
9.40
Aug 1998
8.74
Jul 1998
9.27
Jun 1998
9.13
May 1998
8.36
Apr 1998
8.30
Mar 1998
8.49
Feb 1998
7.44
Jan 1998
7.64
Dec 1997
8.91
Nov 1997
7.50
Oct 1997
8.06
Sep 1997
7.65
Aug 1997
7.63
Jul 1997
8.05
Jun 1997
7.59
May 1997
7.17
Apr 1997
7.54
Mar 1997
6.47
Feb 1997
6.27
Jan 1997
6.59
Dec 1996
7.39
Nov 1996
6.66
Oct 1996
7.13
Sep 1996
6.67
Aug 1996
7.03
Jul 1996
7.36
Jun 1996
6.29
May 1996
6.84
Apr 1996
6.61
Mar 1996
6.09
Feb 1996
5.67
Jan 1996
6.01
Dec 1995
6.11
Nov 1995
6.02
Oct 1995
6.00
Sep 1995
5.79
Aug 1995
6.36
Jul 1995
5.85
Jun 1995
5.94
May 1995
5.95
Apr 1995
5.33
Mar 1995
5.74
Feb 1995
4.78
Jan 1995
5.04
Dec 1994
5.64
Nov 1994
5.29
Oct 1994
4.91
Sep 1994
5.22
Aug 1994
5.76
Jul 1994
4.93
Jun 1994
5.20
May 1994
4.88
Apr 1994
4.55
Mar 1994
5.06
Feb 1994
4.13
Jan 1994
4.28
Dec 1993
4.97
Nov 1993
4.69
Oct 1993
4.29
Sep 1993
4.80
Aug 1993
4.97
Jul 1993
4.57
Jun 1993
4.70
May 1993
4.10
Apr 1993
4.50
The chart above shows the total amount of money being lent via unsecured
loans in the UK each month for personal loans, dealership car finance, short
term loans and credit cards. This monthly total has been generally increasing
since the start of this dataset in 1993, despite decreasing between 2004 and
2010. In 2017, a total of £191 billion was lent, an increase of 31% compared
to 2012 when £146 billion was lent in total.
In 2019, the total value of unsecured loans was at its highest ever recorded,
at £208 billion. Two years later in 2020, a dip emerged due to the
coronavirus pandemic, and the amount of money being lent dropped to the
lowest rates since 1998. Between January and June 2020, £77 billion was lent
out in total. Note that these figures don’t include student loans.
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QUARTERLY PERSONAL LOAN WRITE-OFFS
The amount of personal debt being written off has been relatively low in
recent years. The most extreme year for write-offs was after the financial
crisis in 2008-2009 when £3.75 billion was written off in total in 2010.
After 2010, the write-off trend started to decrease. In 2017, only £610
million was written off.
In 2019, £1.58 billion was written off, and in the first half of 2020, a mere
£390 million has been written off. If this trend continues for the rest of
the year, it might be the first year since 2017 where the value of write-offs
is below £1 billion.
* Write-offs
* Table
Month
Total write-offs (in £ million)
Mar 2020
386
Dec 2019
433
Sep 2019
456
Jun 2019
353
Mar 2019
341
Dec 2018
305
Sep 2018
342
Jun 2018
282
Mar 2018
228
Dec 2017
140
Sep 2017
185
Jun 2017
136
Mar 2017
149
Dec 2016
237
Sep 2016
182
Jun 2016
182
Mar 2016
259
Dec 2015
458
Sep 2015
190
Jun 2015
230
Mar 2015
422
Dec 2014
253
Sep 2014
439
Jun 2014
287
Mar 2014
214
Dec 2013
219
Sep 2013
477
Jun 2013
194
Mar 2013
419
Dec 2012
381
Sep 2012
445
Jun 2012
435
Mar 2012
588
Dec 2011
425
Sep 2011
579
Jun 2011
760
Mar 2011
858
Dec 2010
925
Sep 2010
959
Jun 2010
1,151
Mar 2010
718
Dec 2009
1,799
Sep 2009
1,024
Jun 2009
986
Mar 2009
786
Dec 2008
865
Sep 2008
762
Jun 2008
976
Mar 2008
641
Dec 2007
898
Sep 2007
699
Jun 2007
1,018
Mar 2007
914
Dec 2006
1,186
Sep 2006
946
Jun 2006
821
Mar 2006
836
Dec 2005
1,597
Sep 2005
684
Jun 2005
793
Mar 2005
512
Dec 2004
633
Sep 2004
489
Jun 2004
593
Mar 2004
493
Dec 2003
469
Sep 2003
524
Jun 2003
463
Mar 2003
491
Dec 2002
542
Sep 2002
446
Jun 2002
390
Mar 2002
524
Dec 2001
405
Sep 2001
351
Jun 2001
331
Mar 2001
325
Dec 2000
345
Sep 2000
253
Jun 2000
235
Mar 2000
259
Dec 1999
394
Sep 1999
275
Jun 1999
285
Mar 1999
266
Dec 1998
240
Sep 1998
206
Jun 1998
205
Mar 1998
203
Dec 1997
225
Sep 1997
252
Jun 1997
217
Mar 1997
300
Dec 1996
316
Sep 1996
231
Jun 1996
240
Mar 1996
279
Dec 1995
346
Sep 1995
215
Jun 1995
181
Mar 1995
224
Dec 1994
237
Sep 1994
198
Jun 1994
182
Mar 1994
228
Dec 1993
304
Sep 1993
193
Jun 1993
179
Mar 1993
267
INTEREST RATES ON PERSONAL LOANS
The interest that is charged on personal loans has varied wildly over the
years, with the interest rates on £10,000 loans being consistently lower than
those on £5,000 loans.
£5,000 LOANS
£5,000 loans reached their peak interest rates in 2012, with an average of
13.2%. In 2017, the average was over a third lower at 8.4%.
Interest rates at the moment are historically low. The rate for £5,000 loans
is currently at 7.80% and it’s been at an average of 7.86% for all of 2020.
In 2019, the average was slightly lower at 7.84%, the lowest rate in over a
decade.
* Interest rate
* Table
Month
Interest rate (%)
Jul 2020
7.80
Jun 2020
7.87
May 2020
8.04
Apr 2020
7.83
Mar 2020
7.91
Feb 2020
7.87
Jan 2020
7.70
Dec 2019
7.92
Nov 2019
7.93
Oct 2019
7.88
Sep 2019
7.80
Aug 2019
7.88
Jul 2019
7.82
Jun 2019
7.90
May 2019
7.83
Apr 2019
7.74
Mar 2019
7.71
Feb 2019
7.67
Jan 2019
7.98
Dec 2018
8.03
Nov 2018
7.88
Oct 2018
7.74
Sep 2018
7.88
Aug 2018
7.82
Jul 2018
7.76
Jun 2018
8.09
May 2018
8.04
Apr 2018
8.14
Mar 2018
7.98
Feb 2018
8.04
Jan 2018
8.33
Dec 2017
8.33
Nov 2017
8.34
Oct 2017
8.11
Sep 2017
8.20
Aug 2017
7.91
Jul 2017
8.04
Jun 2017
7.87
May 2017
7.76
Apr 2017
7.85
Mar 2017
9.54
Feb 2017
8.81
Jan 2017
9.45
Dec 2016
9.49
Nov 2016
9.07
Oct 2016
9.06
Sep 2016
9.59
Aug 2016
9.13
Jul 2016
9.19
Jun 2016
9.27
May 2016
9.41
Apr 2016
9.27
Mar 2016
9.44
Feb 2016
8.95
Jan 2016
9.11
Dec 2015
8.39
Nov 2015
8.14
Oct 2015
7.77
Sep 2015
7.73
Aug 2015
7.48
Jul 2015
7.87
Jun 2015
8.82
May 2015
8.91
Apr 2015
8.97
Mar 2015
8.78
Feb 2015
8.79
Jan 2015
8.98
Dec 2014
8.78
Nov 2014
8.82
Oct 2014
8.62
Sep 2014
9.20
Aug 2014
9.68
Jul 2014
9.66
Jun 2014
9.78
May 2014
9.86
Apr 2014
9.86
Mar 2014
9.75
Feb 2014
9.72
Jan 2014
9.89
Dec 2013
10.08
Nov 2013
10.90
Oct 2013
10.36
Sep 2013
10.30
Aug 2013
10.11
Jul 2013
10.91
Jun 2013
11.15
May 2013
11.77
Apr 2013
11.70
Mar 2013
11.77
Feb 2013
12.16
Jan 2013
12.32
Dec 2012
12.37
Nov 2012
14.03
Oct 2012
13.44
Sep 2012
13.44
Aug 2012
13.12
Jul 2012
13.11
Jun 2012
13.30
May 2012
13.31
Apr 2012
13.04
Mar 2012
13.08
Feb 2012
12.91
Jan 2012
13.22
Dec 2011
13.88
Nov 2011
13.57
Oct 2011
13.26
Sep 2011
13.26
Aug 2011
13.11
Jul 2011
13.12
Jun 2011
13.13
May 2011
13.18
Apr 2011
12.96
Mar 2011
12.02
Feb 2011
11.79
Jan 2011
11.78
Dec 2010
12.04
Nov 2010
12.44
Oct 2010
12.38
Sep 2010
12.26
Aug 2010
11.63
Jul 2010
11.77
Jun 2010
12.19
May 2010
12.20
Apr 2010
12.30
Mar 2010
12.01
Feb 2010
11.84
Jan 2010
11.95
Dec 2009
12.71
Nov 2009
12.93
Oct 2009
12.94
Sep 2009
12.75
Aug 2009
12.67
Jul 2009
12.52
Jun 2009
12.45
May 2009
12.44
Apr 2009
12.57
Mar 2009
12.51
Feb 2009
12.28
Jan 2009
12.34
Dec 2008
12.08
Nov 2008
12.02
Oct 2008
11.66
Sep 2008
11.47
Aug 2008
11.03
Jul 2008
10.67
Jun 2008
10.46
May 2008
10.41
Apr 2008
10.52
Mar 2008
9.76
Feb 2008
9.87
Jan 2008
9.91
Dec 2007
9.77
Nov 2007
9.93
Oct 2007
9.81
Sep 2007
9.09
Aug 2007
9.08
Jul 2007
8.93
Jun 2007
8.85
May 2007
8.84
Apr 2007
8.71
Mar 2007
8.67
Feb 2007
9.09
Jan 2007
8.96
Dec 2006
8.67
Nov 2006
9.32
Oct 2006
9.06
Sep 2006
8.60
Aug 2006
9.28
Jul 2006
9.14
Jun 2006
9.65
May 2006
9.37
Apr 2006
9.72
Mar 2006
9.85
Feb 2006
9.87
Jan 2006
10.12
Dec 2005
10.28
Nov 2005
10.09
Oct 2005
9.86
Sep 2005
10.01
Aug 2005
10.32
Jul 2005
11.08
Jun 2005
11.08
May 2005
10.96
Apr 2005
10.92
Mar 2005
10.92
Feb 2005
10.76
Jan 2005
10.85
£10,000 LOANS
Average interest rates for £10,000 loans are the lowest they’ve ever been as
well. Since October 2016, they’ve stayed under 4%, and in 2020, the average
interest rate is 3.53%. This is 55% lower than the rate’s peak in 2012, when
it averaged 7.76%.
* Interest rate
* Table
Month
Interest rate (%)
Jul 2020
3.48
Jun 2020
3.51
May 2020
3.54
Apr 2020
3.44
Mar 2020
3.56
Feb 2020
3.59
Jan 2020
3.58
Dec 2019
3.60
Nov 2019
3.61
Oct 2019
3.65
Sep 2019
3.61
Aug 2019
3.62
Jul 2019
3.61
Jun 2019
3.65
May 2019
3.65
Apr 2019
3.64
Mar 2019
3.69
Feb 2019
3.69
Jan 2019
3.73
Dec 2018
3.83
Nov 2018
3.81
Oct 2018
3.77
Sep 2018
3.81
Aug 2018
3.77
Jul 2018
3.76
Jun 2018
3.83
May 2018
3.73
Apr 2018
3.81
Mar 2018
3.8
Feb 2018
3.82
Jan 2018
3.85
Dec 2017
3.85
Nov 2017
3.81
Oct 2017
3.78
Sep 2017
3.74
Aug 2017
3.79
Jul 2017
3.79
Jun 2017
3.76
May 2017
3.79
Apr 2017
3.81
Mar 2017
3.73
Feb 2017
3.66
Jan 2017
3.69
Dec 2016
3.74
Nov 2016
3.76
Oct 2016
3.75
Sep 2016
4.11
Aug 2016
4.14
Jul 2016
4.13
Jun 2016
4.28
May 2016
4.33
Apr 2016
4.3
Mar 2016
4.38
Feb 2016
4.27
Jan 2016
4.29
Dec 2015
4.45
Nov 2015
4.44
Oct 2015
4.37
Sep 2015
4.33
Aug 2015
4.25
Jul 2015
4.25
Jun 2015
4.28
May 2015
4.33
Apr 2015
4.34
Mar 2015
4.41
Feb 2015
4.51
Jan 2015
4.8
Dec 2014
4.93
Nov 2014
4.92
Oct 2014
5.01
Sep 2014
4.96
Aug 2014
5.12
Jul 2014
5.13
Jun 2014
5.23
May 2014
5.29
Apr 2014
5.45
Mar 2014
5.4
Feb 2014
5.33
Jan 2014
5.56
Dec 2013
5.74
Nov 2013
5.76
Oct 2013
6.25
Sep 2013
6.13
Aug 2013
6.18
Jul 2013
6.1
Jun 2013
6.62
May 2013
6.64
Apr 2013
6.65
Mar 2013
6.69
Feb 2013
6.89
Jan 2013
6.93
Dec 2012
7.06
Nov 2012
7.3
Oct 2012
7.48
Sep 2012
7.45
Aug 2012
7.83
Jul 2012
7.83
Jun 2012
7.97
May 2012
7.93
Apr 2012
7.9
Mar 2012
7.92
Feb 2012
7.84
Jan 2012
8.61
Dec 2011
8.86
Nov 2011
9
Oct 2011
8.97
Sep 2011
8.96
Aug 2011
8.98
Jul 2011
9.18
Jun 2011
9.29
May 2011
9.22
Apr 2011
8.17
Mar 2011
8.4
Feb 2011
8.45
Jan 2011
8.57
Dec 2010
8.95
Nov 2010
9.11
Oct 2010
9.16
Sep 2010
9.89
Aug 2010
9.58
Jul 2010
9.77
Jun 2010
9.78
May 2010
9.71
Apr 2010
9.74
Mar 2010
9.65
Feb 2010
9.54
Jan 2010
9.77
Dec 2009
10.65
Nov 2009
10.77
Oct 2009
10.83
Sep 2009
10.43
Aug 2009
10.45
Jul 2009
9.84
Jun 2009
9.87
May 2009
9.63
Apr 2009
9.66
Mar 2009
9.66
Feb 2009
9.1
Jan 2009
9.08
Dec 2008
9.3
Nov 2008
9.3
Oct 2008
9.16
Sep 2008
9.57
Aug 2008
9.24
Jul 2008
8.64
Jun 2008
8.53
May 2008
8.54
Apr 2008
8.6
Mar 2008
7.93
Feb 2008
7.71
Jan 2008
7.86
Dec 2007
7.88
Nov 2007
7.96
Oct 2007
7.85
Sep 2007
7.49
Aug 2007
7.46
Jul 2007
7.42
Jun 2007
7.35
May 2007
7.33
Apr 2007
7.3
Mar 2007
7.16
Feb 2007
7.23
Jan 2007
7.16
Dec 2006
7.13
Nov 2006
7.17
Oct 2006
6.94
Sep 2006
7.02
Aug 2006
7.53
Jul 2006
7.48
Jun 2006
7.09
May 2006
7.09
Apr 2006
7.17
Mar 2006
7.26
Feb 2006
7.31
Jan 2006
7.25
Dec 2005
7.3
Nov 2005
7.44
Oct 2005
7.29
Sep 2005
7.24
Aug 2005
7.33
Jul 2005
7.35
Jun 2005
7.35
May 2005
7.45
Apr 2005
7.87
Mar 2005
9.13
Feb 2005
8.89
Jan 2005
8.8
Dec 2004
8.36
Nov 2004
8.13
Oct 2004
7.36
Sep 2004
7.38
Aug 2004
7.43
Jul 2004
7.42
Jun 2004
7.72
May 2004
7.75
Apr 2004
7.67
Mar 2004
7.91
Feb 2004
8.01
Jan 2004
8.06
Dec 2003
8.42
Nov 2003
8.35
Oct 2003
8.4
Sep 2003
8.44
Aug 2003
8.63
Jul 2003
8.73
Jun 2003
8.82
May 2003
8.83
Apr 2003
8.92
Mar 2003
8.83
Feb 2003
8.99
Jan 2003
9.64
Dec 2002
10.26
Nov 2002
10.24
Oct 2002
10.26
Sep 2002
10.22
Aug 2002
11.2
Jul 2002
11.1
Jun 2002
11.6
May 2002
11.94
Apr 2002
11.71
Mar 2002
11.89
Feb 2002
11.72
Jan 2002
11.91
Dec 2001
11.78
Nov 2001
12.02
Oct 2001
11.84
Sep 2001
12.23
Aug 2001
12.22
Jul 2001
11.99
Jun 2001
11.96
May 2001
11.76
Apr 2001
11.68
Mar 2001
11.7
Feb 2001
11.79
Jan 2001
11.92
Dec 2000
11.85
Nov 2000
12
Oct 2000
11.86
Sep 2000
11.7
Aug 2000
11.63
Jul 2000
11.41
Jun 2000
11.81
May 2000
11.57
Apr 2000
11.53
Mar 2000
11.35
Feb 2000
11.49
Jan 2000
11.63
Dec 1999
11.82
Nov 1999
11.88
Oct 1999
12.04
Sep 1999
11.95
Aug 1999
12.41
Jul 1999
12.7
Jun 1999
12.92
May 1999
12.93
Apr 1999
13
Mar 1999
13.29
Feb 1999
13.37
Jan 1999
13.07
Dec 1998
13.17
Nov 1998
13.45
Oct 1998
13.48
Sep 1998
13.44
Aug 1998
13.4
Jul 1998
13.58
Jun 1998
13.77
May 1998
13.8
Apr 1998
13.73
Mar 1998
13.77
Feb 1998
13.91
Jan 1998
14.21
Dec 1997
13.86
Nov 1997
14.01
Oct 1997
14.06
Sep 1997
13.79
Aug 1997
13.79
Jul 1997
13.53
Jun 1997
13.53
May 1997
13.44
Apr 1997
13.5
Mar 1997
13.95
Feb 1997
13.94
Jan 1997
13.79
Dec 1996
14.1
Nov 1996
14.15
Oct 1996
14.13
Sep 1996
14.04
Aug 1996
14.45
Jul 1996
13.87
Jun 1996
13.88
May 1996
14.04
Apr 1996
13.91
Mar 1996
16.02
Feb 1996
15.91
Jan 1996
16.14
Dec 1995
17.12
Nov 1995
17.26
Oct 1995
17.18
Sep 1995
17.12
Aug 1995
16.81
Jul 1995
16.66
Jun 1995
17.28
May 1995
17.04
Apr 1995
17.6
Mar 1995
17.68
Feb 1995
17.6
Jan 1995
17.55
A DECADE IN PERSONAL LOANS: YEARLY FIGURES 2010-2020
Have a look at the table below to compare average interest rates, total
amount lent per year and total write-offs for the past decade.
Year
Total amount lent
Total write-offs
Average interest rate, £5,000 loans
Average interest rate, £10,000 loans
2020
£77 billion
£0.39 billion
7.86%
3.53%
2019
£208 billion
£1.58 billion
7.84%
3.65%
2018
£200 billion
£1.16 billion
7.98%
3.80%
2017
£191 billion
£0.61 billion
8.40%
3.80%
2016
£186 billion
£0.86 billion
9.20%
4.10%
2015
£178 billion
£1.30 billion
8.40%
4.40%
2014
£162 billion
£1.19 billion
9.50%
5.20%
2013
£150 billion
£1.31 billion
11.10%
6.40%
2012
£146 billion
£1.85 billion
13.20%
7.80%
2011
£143 billion
£2.62 billion
12.90%
8.80%
2010
£143 billion
£3.75 billion
12.10%
9.60%
SOURCES USED
* The Bank of England
* The Money Charity
* The BBA
CLICK HERE FOR MORE RESEARCH. FOR ALL MEDIA ENQUIRIES, PLEASE CONTACT:
Matt Mckenna
Head of UK communications
T: +44 20 8191 8806
--------------------------------------------------------------------------------
RELATED ARTICLES
* Average personal debt in the UK
* Average student loan debt UK
* UK consumers to borrow more on credit cards despite increase in loan defaults
* Landbay: Peer-to-Peer Lending and Borrowing
* Payday loan statistics
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EMILY HERRING
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Emily Herring is a Publishing Executive at Finder specialising in credit-based
products including credit cards and business and personal loans. Emily has a
Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication
& Media.
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