Just under half (44 per cent) of loans are taken out through mobile devices, research from Hitachi Personal Finance has found, up from 36 per cent 12 months ago.
Mobile users account for 26 per cent of loan applications, while tablet users account for 18 per cent, the research states.
Theresa Lindsay, marketing manager at Hitachi Personal Finance said: “People live on their phones and tablets these days, it is clear borrowers are becoming increasingly more comfortable conducting financial transactions over mobile devices. We aim to make our service as easy as possible and our streamlined application process is well suited to the mobile economy.”
It was also found that there has been a shift from people using iOS to Android, with Apple’s share of mobile users dropping from 73 per cent to 69 per cent over the past year.
This comes after a YouGov survey found that 42 per cent of UK online consumers now use smartphones and tablets to search and purchase travel and financial goods online.