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Data from the National Credit Regulator’s Consumer Credit Market Report (CCMR) for the end of 2022 shows a growing trend where credit providers are offering unsecured personal loans over longer repayment times to try and deal with consumers having less funds available to make regular payments.

According to the report, personal loans with repayment terms of more than five years now amount to 1/3rd of all unsecured loan credit agreements*.

This means that both the credit provider and consumer face risk of default over a much longer time period. That’s just more opportunities for something to go wrong. As per this report, one out of every five personal loans are in 90 days (or more) in arrears.


*(in value)