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Loans: the requests for consolidation of debts increase, those for home restructuring and car purchases decrease



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 Bankile and Premato which, examining a sample of over 190 thousand applications for funding collected during 2018, highlighted that the average amount requested by those who last year it was aimed at a credit company amounting to 12,890 euros, to be repaid in 67 months (just over 5 and a half years). See normalopresti.com

The reasons for asking for a loan

The reasons for asking for a loan

The reasons why a personal loan is requested change; analyzing the loan applications for which the purpose was specified, it emerges that, in 2018, 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, passing from 10.9% in 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”, explains Andrea Bordigone, manager of the loan of Bankile. “There are more and more consumers who, aware of the opportunities offered by the market, and in particular by the loans of the online channel, choose to consolidate an ongoing debt by passing to a financial institution that offers lower interest rates.”

On the other hand, the percentage weight of personal loans requested for home restructuring (20.8% of the total) and those for the purchase of a used car (19.7% of the total) is decreasing, which, while maintaining the first two ranking positions, losing 3.40% and 1.20% respectively.

On the other hand, among the other loan requests growing in 2018 there are those destined to obtain liquidity (+ 1.7% compared to 2017), to the purchase of a property (+ 0.9%) and those for the medical expenses (+ 0.8%).

The applicant’s profile

The applicant

Interesting data emerge analyzing the socio-demographic profile of those who have applied for personal loans during 2018. The average age of the applicants is 42 years even if, looking more closely at the age groups, it emerges that almost a third of the funding applications come from an under 35 ( 29.2% ). It is also interesting to note that the age changes considerably depending on the purpose indicated; those who have requested a personal loan to pay for costs related to education and universities have, on average, 39 years, while those who have turned to a credit company to pay medical expenses have, on average, 47 years.

Analyzing the sex of the applicant, it emerges that in 72% of the cases a man submitted 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 amount requested; the male champion asked for an average of € 13,332 last year, or 11% more than for women. The data should not be surprising; analyzing the income declared in the application for financing, a clear difference emerges between the average salary of men (1,829 euros) and that of women (1,694 euros), 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 accounted for just under 10% of the total sample of applicants.

Purpose indicated

% of total requests 2018
(for which the signatory has specified the purpose of use)

Average amount
required

Home renovation

20.8%

€ 16,221

Used cars

19.7%

€ 9,401

Debt consolidation

15.6%

€ 22,804

Liquid assets

14.3%

€ 12,023

Furniture

7.2%

€ 9.145

Medical expenses

4.5%

€ 6,852

Real estate purchase

4.2%

€ 28.493

Media Italy

12,890

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