Secret Unsecured Loans

Abbey Loans research shows that £7.7 billion is borrowed in secret in the UK by £1.35 million people.

The research shows that the majority of people borrowed to consolidate existing credit. Although 2% of people borrowing money in secret from their partners borrowed it for Cosmetic Surgery.

The majority of loans taken out were for less than £3,000 - however, the average loan was £5,720.

The findings come as the Bank of England published figures showing that consumer credit lending fell by more than half in December 2007.