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For full help on how to take advantage of this and the pros and cons, see our Top Cashback Sites Guide. 60 per cent of British creditors do not know the interest rates on their credits. Whilst in most cases old age is wise, astonishing 74% of Britons between the ages of 45-64 with personal loans** say they do not know the interest they are receiving. Similarly, it is much more likely that a woman (70%) than a man (51%) is not aware of the prevalence for them. While 58% of British citizens spend a lot of effort trying to find the best possible business when they took out their last uncollateralised loan, it seems that for many Britons taking out a loan can be more important than the interest level.

In fact, more than half (54%) of the 18-44s say that it is more important to be acceptable for the loan than the interest rates; by comparison, 41% of over 45 year olds and 48% of overall consumer are acceptable. Overall, 61% of the adult population owes a loan or loan products loan.

The five most important lending and loan categories are corporate credits (37%), overdraft facilities (16%), personal credits (12%), student loan company credits (11%) and distance selling and retail credits (9%).

The use of the Internet by 18-44 year old creditors increases to almost two third (64%). Indeed, 26% of those applying on-line received a credit of 2-5% versus only 9% of those applying face-to-face. "Some of the excitement of on-line credit brokering is due to the ease achieved through comparative pricing sites.

However, despite the widespread appeal of lending on-line, conventional lending canals are still very popular with a significant portion of lending clients who appreciate the security of talking to someone in person. 18-34 year olds (34%) are more likely to have high value borrowing (including day payment, door-to-door and guarantee loans) than 45+ year olds (10%).

The probability of obtaining a guarantee loan is also significantly higher among 18-34 year olds (14%) than among those over 45 (3%). "The capacity of young people to obtain low-cost credits may be hampered by short and potentially more irregular loan history, so that they have fewer opportunities. Suppliers would do well to give young people further advice on how to improve their entitlement to other credits and loan choices.

Uncovered credits are dependent on an applicant's financial standing and are not backed by security such as real estate. This includes personal, high-priced short-term credits, payment days and peer-to-peer credits. Personal loan structures are those provided by a bank/building and loan association, a specialised lending institution or a peer-to-peer loan. The research for this article was conducted in October 2017 among 1,941 web surfers 18 years and older.

A copy of the Unsecured Loans UK report and an interview with Sam Marks, Financial Services Analyst, are available on enquiry from the media team.

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