Where to get a cheap cash loan? Where for a loan or a loan, that is the sixth questionnaire results regarding where and how we borrow.
We will find an answer to where we are looking for additional cash for expenses that we can not finance with savings.
What is the choice? Bank or loan company?
Although we like to complain that banks are expensive and a lot of formalities, however, in these institutions we usually look for additional cash. This is the result of the latest survey carried out by the CREW COMPANY CREDITS blog in October – December 2018 on a group of 2394 people who decided to take part in it. In the case of a small loan, we look for first aid at a family or at your closest friends. The loan companies, both traditional landlines and internet ones, remain the last resort.
Loans and loans. Who and where to borrow
Who borrows more? Women or men? The division here is almost equal, although a slightly larger share was made up of women (1235 – 52%). At the same time, in loans up to € 3,000, women constituted the vast majority: almost 70%. In general, the average loan (credit) was about € 7,500, but men borrowed more – an average of € 12,000.
What do banks and loan companies associate us with? Much, recently, there were talks about banks regarding mortgage issues. And these were not positive opinions at all. It would seem that it will affect the trust in banks, but not. Banks, like no other financial entities, associate us with “security” and “trust”. This can not be said about loan companies, but in turn (we already have it in the third survey), we appreciate “speed” and “minimum formalities”.
In the case of internet loan companies, “anonymity” is a positive distinction identified by the surveyed. We value the loan obtained from friends or family primarily because it is… (mostly) free.
Who lends? The survey shows that the urban population constituted a decidedly larger percentage of people who filled out the survey (62%). Compared to the last survey, this represented an increase of… 1%. The age group of respondents was characterized by the largest share of people under 45:
- up to 25 years old: 508 people (21%),
- 26-35 years: 585 people (25%),
- 36-45 years: 612 people (26%),
- 46-55 years: 362 people (15%),
- 54-65 years: 225 people (9%),
- over 66 years of age: 102 people (4%).
A significant increase took place in the group lending up to 25 years, because the increase was by as much as 8%! The percentage of people over 54 is practically unchanged and this can be explained by the fact that there are definitely fewer people in the age range using the internet. This also translates into non-bank internet loans. Of those who used a non-bank loan, over 64% of people used a loan at an online loan company. 87% of the respondents were people up to 45 years of age.
Where we are looking for information about loans and credits
Several months ago, in one of the first survey conducted on this subject, in a relatively small group of respondents, the basic source of information was family and friends. A lot of people were suggested by advertising. But how much has it changed, indicates that at the moment we are looking for information on loans and loans on financial services (29%), loans and banks comparer indicated 31%, and advertising as a source of information is helpful for 10% of respondents.
However, what strikes the most, despite the fact that we are looking for information on the comparison of loans and credits, our knowledge on this subject is still small. To the questions: do you know what is the APY of the loan, what is the difference between the nominal and real interest rate, what rights are entitled to the consumer in accordance with the Consumer Credit Act, at what time you can withdraw from the loan or loan agreement, nearly 60% of people gave the answer “no I know”.
What is the average borrower? That is why various types of credit and loan rankings are so popular. We are mainly interested in what bank is in the first place, not always interested in the detailed parameters taken into account in its preparation. “
Credit and loan via the Internet
It would seem that if we so willingly use non-bank cash loans on the Internet, we also eagerly borrow online. The more so because there are quite a lot of credit offers, especially cash loans. When asked about this type of bank loan, only 20% of people who took a loan or a loan in banks did so on the internet. On the other hand, a contact application via the Internet regarding the loan / loan was sent by over 42% of the respondents.
Cheap credit and cash loan
The parameter related to the costs is the most important for 86% of respondents. This is a factor that we pay attention to, first of all, by choosing a bank or a loan company. The choice of the offer is also affected by the maximum loan length (although we do not necessarily want to use the maximum period), low loan installment, loan payment rate, minimum formalities and credit holidays.
The vast majority of people (75%) looking for a bank loan mainly take into account the bank in which they have a personal account. However, in the case of non-bank loans, we do not attach so much to one loan company. The cheaper the loan, the better. In the case of non-bank financing, the cost of the loan is low (46%), the speed of obtaining money (22%) and minimum formalities (10%).
At the end of pleasure. Expenses related to loans and credits
What are the most often used money from credits and loans? It all depends on the entity in which we borrow: in loan companies these are mainly unexpected expenses and current payments (62%), in the case of banks are cash loans with current maintenance, expenses for renovation and car purchase and daily expenses financed mainly from limits in RORs and credit cards. A separate group consists of people who consolidate bank debt or loan finance the purchase of real estate (flat or house). A small percentage of people took advantage of the mortgage loan.