Gender Divide in Personal Loans... Sounds Interesting!

A leading bank has come up with certain interesting facts and figures lately. Its study revealed that there is a great gender divide when it comes to selecting personal loans. If the average British women like to spend money on shopping expeditions, the men are all for cars and gizmos like laptops and I-pods.

More surprisingly, a number of women aged above 50 are taking personal loans for cosmetic and plastic surgeries. This is the age when people need face lifts and makeover to retain their old charm and glory, says cosmetic surgeon, David parker. According to him, 43% of his customers are aged above 50 and out of that 67% are females. So, gender divide is very prominent in case of personal loans and the reasons for which they are taken.

The following are some more interesting facts regarding personal loans:

The percentage of women taking personal loans is far greater than men

The Brit women owe over ?20 billion as unsecured personal loans

Debt consolidation is still the most popular reason for availing personal loans for men

Men take more personal loans to buy cars and boats than women

Personal loans taken for home improvements record highest in the spring season

are taken for different purposes by men and women. The basic nature and different psychological needs are the major reasons for this divide. It has also been observed that those in the age bracket of 30 to 35 years are the ones who take most of the unsecured personal loans. However, the worrying factor is that most borrowers in this age group defaults a lot, reveals the latest survey conducted by another financial provider.

The concept of personal loans attracts a lot of borrowers towards it. The term in itself is very borrower friendly. It is self explanatory and masses can relate to it well. The reason for the difference in its usage by men and women in different ways lies in the difference of needs, psyches and natures of the two genders.