In May, the average amount asked from credit companies for a personal loan was equal at 10,474 euros, a value down by 4% compared to the same month in 2022. The rates, on the other hand, increased significantly, reaching +31% if compared with those of twelve months earlier when, for a personal loan of 10,000 euros over 5 years they were equal to 6.28%, in May 2023 the average online rate (TAN ) reached 8.24%.
Despite the increase in interest rates, the Italians continue to ask for personal loans, but to deal with the increase in installments they are oriented towards smaller amounts. This is one of the data that emerged from the joint observatory of Facile.it e Prestiti.it. “Interest rates have risen, but the competition between credit companies creates interesting savings opportunities for consumers who want to apply for a personal loan without paying more than they should”, explains Aligi Scotti, BU Director of loans at Facile.it.
The analysis – carried out on a sample of over 35,000 personal loan requests collected online – showed that the first reason why a personal loan is requested is the need for liquidity, purpose indicated in May 2023 by almost 1 out of 3 applicants (32%). This is followed, in percentage terms, by personal loan requests for the purchase of used cars (16%) and those for debt consolidation (15%).
“The drop in the demand for liquidity loans (-4%) and the increase in consolidation debts (+6%) tell of a greater awareness in the relationship between Italians and the world of consumer credit – explains Aligi Scotti -. Consolidating debts means merging several loans under a single loan, thus simplifying their management and, in some cases, reducing overall costs, a strategy that can help families to lighten the burden of loans on the family budget”.
Increasing the percentage weight of requests for loans for holidays, which grew by 3% compared to last year, and those for medical expenses (+7%). After the boom of 2022, however, requests for personal loans for weddings are decreasing (-7%). (Ticker)