Brits prefer to buy now over saving

Brits prefer to buy now over saving

Buy now or save later? Recent YouGov survey conduct by Post Office resulted in 39% of Brits would take out a Personal Loan instead of saving.

Buy now, save later? 39% of Brits would take out a personal loan.

  • 1 in 5 of us find it difficult to make ends meet
  • 1 in 4 of us think our finances will get worse
  • 28% of Brits would be likely to take out a personal loan if pre-approved for one

Britain wants to save

YouGov research for Post Office has revealed what we really think about borrowing, buying and saving. Our attitudes are changing with the times. Rising prices and stalled wages are making it difficult for us to save for a rainy day. Personal loans for debt consolidation ranked second in the list of reasons to take out a personal loan at Post Office, close behind a new car. Borrowing is part of life in Britain. We borrow for everything we need, from new kitchens to car repairs. And when we do, we want to know things like how to calculate loan repayments.

Not thinking about getting a loan, but…

How easy is it to get a personal loan? What if you were pre-approved for one? Some lenders let their current account customers know the likelihood of their being approved for a personal loan. YouGov found that 28% of Brits would be likely to apply for a personal loan on the spot if we were pre-approved for one. Even if you’re not looking, getting approval might you think about what you could do with the money. Knowing a loan is available could make us reconsider wants and needs.

Life gets in the way of good intentions

We all want to save for the things we need. But interest rates are low on savings accounts. And our lives are unpredictable. Things break and need replacing. A personal loan is an option to explore when you need extra funds fast. When the boiler packs up and the head gasket on your car blows, your savings take a hit. Then another need pops up – your third child is on the way. You’ll need an extra room in the house.

Responsible lending and borrowing are here to stay

Not just because the Financial Conduct Authority (FCA) are keeping closer tabs on Britain’s lenders. If that’s true, how easy is it to get a personal loan? Well, that depends if a lender thinks you can make the repayments. New FCA rules are in the pipeline to protect Britain’s borrowers and help us to better manage our debts. As a nation, we’re more aware of our personal finances than ever. Mobile apps help us manage our money and look after our financial health.

Borrowing from a lender you can count on

Is the key to finding a personal loan that suits you. Provided by Bank or Ireland UK (BOI), Post Office Money Personal Loans can be repaid over 1-7 years. You can borrow from £1,000-£25,000. The interest rate you get is based on your personal circumstances, the amount you borrow and over how long. There are no penalties for overpayments. If you want to pay off your loan faster, you won’t be stung by charges.

Use the repayments calculator to work out how much your monthly repayments will be. And check to see if you’re likely to be approved for a Post Office Money Personal Loan with the Fast Checker. It won’t affect your credit score in any way.

Check if you're eligible for our personal loans without affecting your credit score

Small print

Survey carried out online by YouGov plc, among 2,097 GB adults aged 18+. Data is weighted to be representative of the GB population. Fieldwork ran from 18th – 19th September 2018.

Post Office Money® credit cards, personal loans and overdrafts are provided exclusively by Bank of Ireland (UK) plc.

Post Office Limited is a credit broker and not a lender. Post Office Limited is an appointed representative of Bank of Ireland (UK) plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Post Office Limited is registered in England and Wales. Registered Number 2154540. Registered Office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ. Post Office Money and the Post Office Money logo are registered trademarks of Post Office Limited. Our FCA Register number is 409080. You can confirm our registration on the FCA's website (www.the-fca.org.ukopens in new window).