Analysis of Google search data reveals that searches for ‘loans’ exploded 123% in the United Kingdom as of 26 August 2022, the highest level in over a year.
The end of August sees Ofgem announce the energy price cap rising to £3,549 per year – an 80% increase.
The analysis, by finance experts Loan Corp reveals that searches for ‘loans’ exploded to over double the average volume within the past week, an unprecedented increase in Brits seeking information about loans, according to Google search data analysis.
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The data also reveals that searches for ‘apply for a loan’ have exploded 295% since the announcement was made.
A spokesperson from Loan Corp said, “This week the British public have been faced with the news that energy prices are set to rise exponentially in the coming months, leaving many looking for alternative means to make ends meet.
“However, the latest Ofgem announcement has also encouraged a surge of online interest in taking out a loan, highlighting the massive impact the cost-of-living crisis is having on the public.
“Taking out a loan is a decision that should be made with thorough research and with costs across other sectors rumoured to continue to rise, it will be interesting to see whether these searches translate into loan applications.”
said, “The financial impact of another significant price cap rise will be huge for millions across the UK come Autumn. Energy bills are already the primary contributor to the escalating cost-of-living crisis.
“So, reduced limits on the amount energy providers can charge will act as a real blow for people already contending with last week’s announcement that inflation had hit 10.1% – particularly as we head into the colder months.
Brean Horne, personal finance expert at NerdWallet said, “For this reason, it’s more important than ever for households and individuals to gain control of their finances and take steps to combat the financial impact of the energy crisis.
“This may mean consulting with their supplier if they have concerns about their energy bill and checking to see if they offer any cheaper alternative tariffs for existing customers.
“For those contemplating switching to a fixed tariff, it is vital to ensure that the rate they lock in is less than the expected cap.
“Consumers should also keep up to date with the Energy Bills Support Scheme to see what help could be available to them and take proactive steps towards reducing energy consumption in their home where possible”.
“Unfortunately, people must brace themselves for a sharp rise in their energy bills regardless of their provider. But being proactive in their approach and making the changes necessary could ensure they are not paying more than they absolutely have to.”
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