Whether it is the economic crisis or a trend that is detached from it cannot be said for sure, however, it is very clear that, even in this new year 2015, the average amount requested by consumers for loans is again falling.
Also in 2014, banks and credit institutions witnessed a similar situation: consumers who approached credit did so, choosing smaller and smaller amounts.
Certainly it cannot be said that consumers have ceased their search for the best loan for their needs, in fact, the demand for loans is growing, even online.
In practice, the phenomenon we are witnessing today is the following: an ever increasing number of consumers are applying for funding, but the amounts are much lower than those of the past.
Credit for consumption of loans
Based on the conclusions reached by Prestioso Consumer Credit Observatory, we are witnessing a net reduction in the amounts requested by consumers, equal to 15%, a percentage referred to the data studied in six months, divided between the last quarter of last 2014 and the first quarter of the new year 2015.
In practice, today, the average consumer requires a personal loan of around $ 11,000 to $ 13,000.
The study was conducted on the basis of 40,000 loan applications submitted by applicants to credit institutions and finance companies over a period of time between October 2014 and March 2015.
The medium consumer identity: a 41-year-old man, with a monthly salary of 1500 USD, who asks for a sum of 11,000 USD to be repaid by choosing a repayment plan of 65 installments; many times interested in online loans.
The decrease in the amounts of funding requested has been shown to be homogeneous throughout the national territory, although in some regions, the peak of contractions was felt most. Particularly:
- the figures requested in Calabria have fallen by 29%;
- the requested figures in Sardinia have fallen by 22%;
- the required figures in Sicily have fallen by 22%;
Why do consumer require refinancing?
Among the 40,000 questions considered by the Observatory, requests for personal loans and online loans were combined; the purposes of the loans were many. The following table provides an overview of the main reasons provided by consumers for the signing of credit agreements.
We make practical example.
In the first quarter of 2015, the demand for loans by Italian families continued its growth up to + 7.8% compared to the corresponding period of the previous year; moreover, loans for purchase were also increased of goods and services, equal to + 8.9% and personal loans up by + 6.6%.
At the same time, however, we are witnessing a progressive decrease in the average amount requested for loans, amounting to $ 5,044 (+ 1.3%) for finalized loans, but to $ 10,913 (-5.9% compared to 2014) for personal loans.
Even for mortgages, the situation is not the most prosperous: the last survey is of 123.333 USD.
Based on what emerges from the analysis of the over 77 million loan positions collected by credit institutions and contributed in EURISC, CRIF’s Credit Information System, below you want to focus attention on one Italian region in particular , or Tuscany, so as to provide a practical example of what is happening on the financial front.
” The CRIF Barometer highlights how Tuscany in the first quarter of 2015 showed growth of + 6.5%, a lower figure than the + 8.9% recorded at national level “. The following table allows you to have an overview on the trend of credit requests in all the provinces of the Tuscany region.