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If finalized, credit costs less


Asking for a loan is cheaper and cheaper. Compared to the first three months of the year, average market rates fell, albeit slightly, in the second quarter of 2019. At least as regards the finalized credit, which shows an average interest of 8.97% against the previous 9.24%. A figure that also improves compared to 9.35% in the same period last year. This is what emerges from the usual Loans Observatory created by Cream Bank and updated on 30 September. The rates of the best online offers also fell, falling to 6.01% against the previous 6.15 percent. By contrast, however, the average market rates of personal loans, which at the end of the second quarter stood at 9.98%, grew compared to both the first three months of the year (9.95%) and the same period of 2018 (9.92% ).


6.51% rates for a new car

car loans

Looking at the best loan offers on Cream Bank, for the purchase of a new car you can apply for a loan of 20 thousand dollars at 12 months at a Taeg (Annual percentage rate of charge) of 11.62% (the Tan, nominal annual rate, is 6.95%), for a monthly installment of 1,767 dollars. The simulation takes into consideration a 35 year old employee residing in Milan. From 18 months onwards, however, the Taeg improves significantly, almost halving, to 6.51 percent. So if for a year and a half you pay an installment of 1,168 dollars, at 36 months you pay 611, while at 84 months just 295 dollars. The rates also remain the same for the purpose of home renovation, but if the duration is extended to 96 months or 120 months, then the interest rises slightly, up to 8.48 percent.


The expenses for renovating the house are decreasing

Debt consolidation: documentation to be submitted

The purpose of home renovation continues to dominate the rankings of both loan applications and those disbursed. But, compared to previous years, the percentage of total loans is decreasing, despite the extension of the Tax Bonus provided by the 2019 Budget Law. Going into more detail, from the beginning of the year the requests for loans to renovate the house have fallen to 20, 2% against around 24% last year, while in terms of disbursement, the figure slipped to 28.7% against 34.6% in 2018. Loans for liquidity and used cars also fell, both as requests both as disbursed, while requests for loans for furnishings have grown, from 12.7% to 13.4% (the disbursement remained stable at 15%) and those for debt consolidation, from 5.3% to 6.8% (the amount passed from 2.3% to 2.4%).


Lower and shorter loans


Analyzing the amounts requested and the duration, the trend of Italians to borrow less and with a shorter time horizon is clear from the last Loan Observatory, with the average amount requested falling to 10,587 dollars, against the 11,253 dollars of the first half and $ 12,099 in the last six months of 2018. In particular, loans of up to $ 5,000, in fact, recorded a significant increase, as requests and as disbursed: requests in the range up to $ 2,500 grew from 6.9% to 8.5%, while those in the 2,500-5,000 euro range rose from 28.5% to 30.7 percent. The disbursement, on the other hand, saw the percentages go from 5.8% to 9.1% and from 25.4% to 26.8 percent respectively. The bands of the other amount classes are all decreasing, both as requests and as disbursed, except for requests for loans between 5 thousand and 10 thousand dollars, which remained unchanged at 29 percent.Looking at the duration, finally, families continue to prefer shorter deadlines . In fact, requests and disbursements increased at 18, 24 and 36 months, while they remained little moved or slightly down on all other deadlines. The only exception is the loans granted to 96 months, which go from 15.6% to 17.6%.


Space in the North and the wealthier classes

The most attractive debt consolidation loans of the moment

But where do you get more indebted? In the North, which confirms the geographic area with the highest number of loan requests, rose to 45.9% against 43.4% at the end of 2018. In the same space of time, however, requests to the South slid to 32.7% compared to 35.3% last year. The same trend also regards the lending, with the North rising to 44.7% (41.7% at the end of 2018) and the South falling to 33.3% (35.5% last year). As for the center, however, there is a phase shift between requests and disbursed: the former rose slightly to 21.4% against 21.3% in 2018, while the percentage of loans granted fell to 22% compared to 22, 8% of last year. As for income classes, however, the highest number of requests comes from families with an annual income of between 10 thousand and 20 thousand dollars, with a percentage of 45.9%, up from 45.3% in 2018. But in terms of disbursed, in the same income bracket, the percentage of applicants who manage to obtain the loan is only 32.7 percent. It goes better, however,

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