Compared to the data from the Quick Credit Survey conducted 4 years ago, the share of those who do not and do not want to have a fast loan is the most significant (from 47% in 2012 to 60% in 2016). A decrease is reported for those who do not have, but intend to take, fast credit (from 17% in 2012 to 8% in 2016), as well as for those who are currently using such a loan (from 36% in 2012) at 32% in 2016). The data are summarized in tabular form. A visit to www.amicos.de makes everything clear to you.

The Main Reason

The reasons for the decline of those who do not use fast credit can be many starting with the bad practices of some of the companies, which also adversely affect the rest, that fast credit is drawn mostly in unforeseen circumstances and events. Such may be unexpected redundancies, poor family budget planning, etc. In practice, this means that some of those consumers who do not and do not wish to draw fast credit could fall into one of the other groupsthose of users and those who intend to use them.

• The survey shows that fast-borrowers have resorted to the services of non-banking institutions once in the last 12 months (31%). Almost as many are those who resort to these loans often 5 times or more (29%). In third place are those who have drawn fast credit 2 times in the last 12 months (21%). The data show that a total of just over half of consumers have withdrawn once, at most twice the credit from a non-banking institution in the last year.

The Capacities

The capabilities of modern technology and Internet access enable greater awareness. These opportunities are used by both seekers and those who offer fast loans. According to a survey by MoitePari.bg, almost half of the respondents (51%) have learned about the offer of a particular non-banking financial institution through Internet advertising. Recommendation from friends and acquaintances was taken into account by 15% of users. Third are those who were previously familiar with the lending company (14%).

• 27% of those who use a loan from a non-bank institution state that they have chosen one because they do not qualify for a loan from a bank. Currently, in order to finance a client, banks require that they have been insured for at least 12 months, and during the last 3 to 6 months, work under a permanent, and indefinite employment contract with their current employer. These are a very small part of all requirements. It often happens that the borrower is still on a fixed-term contract and needs an urgently small amount of money. In this, as in many other cases, the only reasonable alternative is non-bank loans.

Overall, however, more than half of the fast-loan consumers (55%) chose one because of the benefits of non-bank institutions, namely that the loan is approved very quickly (21%), the application process is completely online (18%) and that the amount is received very quickly (16%). Banks are slower to respond to urgent needs because of their cumbersome procedures.

Joyce Laroche