Today, the Bank of England raised the interest rate (Bank Rate) once again by another 0.5 percentage points to 4%. This is the tenth time in a year and the base rate is now at the highest level it has been at in 14 years.

Our own strategic partnership with TransUnion enables us to gain unique insights into market data and trends within the consumer finance market. We decided to take a look at what’s been happening in the personal loans market, and saw that the number of new personal loans issued in the UK between September and November 2022 grew by 5.4% compared to the previous year.