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Brits 'using personal loans for education'

By Sarah Engle, Tue 8 Jun 2010 - Published in Loans

Personal loans worth around £37 million were taken out in Britain last year to pay for education, it has been claimed.

A new report from Sainsbury's Finance noted that the cost of education rose by five per cent in the year to February, which may have prompted the loans.

The research indicates that 1,900 personal loans worth around £13.5 million were taken out for university or college fees, while 1,100 deals worth £12.3 million were used to cover school fees.

Another 1,400 loans, with a collective value of £11.3 million were used for 'other' education.

Steven Baillie, head of loans at Sainsbury's Finance, commented: "Parents and anyone paying for education, such as professional qualifications, need to make sure they are shopping around for the best loan rate available and not simply turning to their current account provider."

Recent figures from Santander Cards showed that one per cent of Brits have taken out a personal loan to cover the cost of attending a loved one's wedding.