The data was found in Equiniti Credit Services' research report, ‘Great Expectations: The Demanding Market for Credit’.
Borrowers are split on whether to consolidate debts or splash out on holidays or household goods, research from Equiniti Credit Services shows.
Its research report, ‘Great Expectations: The Demanding Market for Credit’, highlights variations in attitudes between age-groups that are creating new opportunities for established and alternative lenders alike.
Motivation for borrowing is split between funding aspirational items such as holidays and household goods (47%) and managing or consolidating existing debt (53%).
Richard Carter, managing director of Equiniti Credit Services, said: “Rarely do lenders focus on applicants to whom they have declined credit.
“This is a mistake as 68% of those surveyed indicated that they would likely accept an alternative loan offer at a higher interest rate, if it was offered to them immediately.”
The report showed a difference in attitudes to technology with 73% of millennials and Generation-X happy to research a loan on their smartphone compared to just 9% of baby boomers.
Carter added: “Going digital is one thing. Going digital in a way that chimes with different customer groups is something different entirely.”
