It always proves itself anew: If the interest rates in the basement, as current, then increases the willingness of German citizens to make investments by credit. This is confirmed by the current 2017 Credit Compass SCHUFA: At the end of 2016, Schufa recorded a total of 17.4 million current installment loans in its databases. These 17.4 million current redits represent an increase in current loans of 0.4 percent compared to 2015. Consumption on credit therefore enjoys a high and slightly increasing popularity due to very favorable conditions.
Number of newly taken up loans constant, loan amounts rise
loans constant, loan amounts rise ” />
It is interesting, however, that the number of new loans in 2016 is at the same level as in 2015. By contrast, the loan sums have increased. In the past year, about 7.7 million German citizens took advantage of the ongoing low-interest phase to finance a project via favorable credit. However, the favorable interest rate environment meant that consumers took more money than the year before. The average loan amount increased by 673 euros to 10,225 euros per loan agreement. The average loan amount was 10,793 euros per person. This is an increase of 754 euros compared to 2015. In addition, the average credit term now stands at 48.6 months, which corresponds to a one-month extension of the term compared to the previous year. Interestingly, however, is the following value: According to SCHUFA last year about 97.8 percent of all due loans were repaid on time by the borrowers. A number that, however, does not really correlate well with the number of over-indebtednesses and personal bankruptcies that are published annually by numerous consumer associations and charities.
Credit offers are increasingly being compared
When it comes to finding the right loan offer, German citizens are increasingly making use of the numerous and far-reaching possibilities of comparing a wide variety of loan offerings. The Credit Compass 2017 of the SCHUFA also provides corresponding figures for this purpose. For example, the already mentioned 7.7 million new loans in 2016 will be countered by around 22.9 million official conditions inquiries at the SCHUFA. If one compares the 19.5 million inquiries from 2015 (with a comparably high number of newly completed loans), it becomes clear that the German citizen is becoming increasingly picky in the search for the right lender. The lending banks will not find it easier to convince potential lenders of their own offers. In addition, banks must be prepared for the fact that even long-standing customers increasingly give up their alleged loyalty when it comes to finding the right loan offer. Another point is that potential credit customers are obviously much better prepared for a loan than they did a few years ago.
Installment credit remains the most popular form of loan
As expected, the current SCHUFA Credit Compass confirms for 2016 that installment credit and consumer credit are the most popular forms of German consumers’ loans. For example, a stately 24 percent of respondents said they had used this form of credit over the past five years. Almost equally popular are mortgage loans (21 percent) and overdraft facilities (18 percent). It is a pity, however, that the subject of mini-credit has still not found its way into the SCHUFA Kredit Kompass.