Searches for ‘apply for a loan’ rise by 295pc
Google searches for ‘apply for a loan’ rose by a massive 295 per cent towards the end of August, as the energy price cap and cost of living started to spike.
A new analysis of Google search data by Loan Corp found that searches for loan applications almost tripled during the last week of August. This coincided with Ofgem’s announcement that the energy price cap would be rising by 80 per cent to £3,549 per year.
Read more: Half of Brits have stopped saving as crisis hits
The Loan Corp analysis also found that searches for ‘loans’ have surged by 123 per cent since the energy price cap increase was announced.
“This week the British public have been faced with the news that energy prices are set to rise exponentially in the coming months, leaving many looking for alternative means to make ends meet,” said a Loan Corp spokesperson.
Read more: Credit Unions see surge in consumer borrowers
“However, the latest Ofgem announcement has also encouraged a surge of online interest in taking out a loan, highlighting the massive impact the cost-of-living crisis is having on the public.
“Taking out a loan is a decision that should be made with thorough research and with costs across other sectors rumoured to continue to rise, it will be interesting to see whether these searches translate into loan applications.”
Read more: IVAs predicted to rise by up to 11pc this year
