2018 was a positive year for the personal loans sector, characterized by an increase in the percentage weight of loan requests for debt consolidation and by a decline in those for home restructuring and for car purchases. A survey on the progress of the sector was drawn up by the observatory of bankate and bankil which, examining a sample of over 190 thousand applications for funding collected 12.890 USD, to be repaid in 67 months.
It is the profile of the average personal loan that the Italians applied to the credit companies in 2018. The data is provided today by the bankate and bankil observatory, emphasizing on one hand the increase in the percentage weight of the requests for debt consolidation loan, on the other hand the decline in loans for restructuring and car purchases. A balance sheet on the progress of the sector realized with the analysis of a sample of over 190 thousand applications for funding received last year.
Therefore the reasons why a personal loan is requested change. The two comparison sites analyzed the loan applications and found that the type of loan that grew most was that for debt consolidation, whose weight on total loans increased by a good 4.7 percentage points, going from 10.9 % of 2017 to 15.6% last year.
“The increase in this type of loan is a sign of how Italians are increasingly attentive to saving, even in the area of personal loans”, comments Andrea Bordigone, manager of bankate’s loans. ” consumers who, aware of the opportunities offered by the market, and in particular by online channel loans, choose to consolidate an ongoing debt by moving to a financial institution that offers lower interest rates “.
Down renovations and cars.
Loans for domestic renovations fell to a percentage of the total number of applications by 20.8%. The same goes for car purchases (19.7% of the total). Respectively, the two areas, while remaining at the top of the ranking, lost 3.4 and 1.2% respectively.
Demand for liquidity increased (+ 1.7% compared to 2017), for the purchase of a property (+ 0.9%) and for medical expenses (+ 0.8%).
Who does apply for a loan?
The average age of applicants for a loan in 2018 was 42 years. But the disjointed figure reveals that one third of the applications for financing comes from under 35 (29.2%). It is also interesting to note how the age changes considerably according to the purpose indicated: training and universities are the prerogative of the 39-year-old, while those who turned to a credit company to pay medical expenses have, on average, 47 years.
Women or men?
In 72% of the cases a man presented a request, in 28% a woman. Even in this case, however, the percentages change depending on the type of loan; if you look at, for example, loan requests for medical or study expenses, the female sample exceeds 40%. Gender differences can also be found by examining the required amount: on average, the male champion asked for $ 13,332 last year, or 11% more than for women. The data should not be surprising; analyzing the income declared in the loan application phase, a net result emerges
difference between the average salary of men (1,829 USD) and that of women (1,694 USD), a distance which, of course, affects the amount requested.
Finally, analyzing the profession of applicants shows that, in 2018, in 70% of the cases, a private employee with a permanent contract presented a loan application, while freelancers and self-employed workers represented just under 10% of the total sample of applicants.