Bank Barometer: the demand for household loans is also growing in September
March 22, 2020
The demand for loans from Italian families is also growing in September. A positive trend which, as emerges from the edition of the Lite Lending Barometer (Central Financial Risks) relating to last month, has continued uninterruptedly for seven consecutive quarters.In September, the number of queries recorded on Eurisc (the Lite Lending credit information system) relating to requests for loans by Italian families (in the aggregate of personal loans and finalized loans) showed an increase of 2.5% per year (however slowing compared to 4.5% in August), against the 7.2% progress recorded in the entire third quarter of 2019 Specifically, explains Lite Lending, the sector’s performance is determined by the loans finalized, which have recorded an increase of 5.5% per year, against the 1.
The average amount requested was stable around $ 9,200
As regards the average amount requested, overall between applications for personal loans and finalized loans, the figure remained substantially stable compared to September 2018: the decline was in fact limited to 0.3% for a value of 9,240 dollars. For finalized loans, the average amount requested stood at 6,633 dollars against 12,585 dollars for personal loans. In relation to the distribution of requests by amount, loans under 5,000 dollars recorded an increase of 1.3% per year, against the decrease in equal amounts (always 1.3% therefore but in the negative) for those above that figure. The band under $ 5,000 remains the majority with a share of 44.5% of the total requests. Among the finalized loans, 59.9% of requests concern values below $ 5,000 while for personal loans, the range between 10,001 and $ 20,000 is the one with the highest incidence (28.
Most popular duration is the one over five years
Analyzing the distribution of requests for loans in terms of duration of the loan, also in September, the most popular range was that of more than five years (27.4% of the total). On the other hand, for finalized loans, requests mainly focused on maturities of less than 12 months (23.7%). For personal loans, Italian preferences are increasingly directed towards repayment plans for more than five years, with requests equal to 46.0% of the total. Regarding the age of consumers who turn to institutions to obtain a loan, the September edition of the Lite Lending Barometer shows that the priority range is between 45 and 54 years (25.4% of the total), followed by that between 35 and 44 years (22.3 %).
The winner is the one who offers the best customer experience
In the month of September the growth of requests for loans by Italian families continues, with a + 2.5% compared to the previous year, while the average amount stands at values slightly lower than those of the corresponding survey “, he underlined Stephen Carecchi , executive director of Lite Lending. “To respond effectively to the needs of consumers, credit companies are developing not only increasingly targeted offers but also fast, simple and click-to-click delivery processes. On the market, those who will be able to offer their customers the best customer experience, an element that is ever more fundamental for a better positioning in the competitive arena, will prove successful, concluded Carecchi.