Analysis of Google search data reveals that searches for ‘apply for a loan’ exploded 295% in the United Kingdom as of 26th of 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 ‘apply for a loan’ exploded to almost triple the average volume within the past week, an unprecedented increase in Brits seeking information about loans, according to Google search data analysis. The data also reveals that searches for ‘loans’ have exploded 123% since the announcement was made.
A spokesperson from Loan Corp commented on the findings:
“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.”