Installment Loans: Borrowers act carelessly

The Christmas season was expensive and now the annual accounts arrive. A jump in credit inquiries in January and February is the result. When searching for the right offer, many Germans act carelessly and deceive themselves. This was the result of a forsa study commissioned by the credit comparison portal.

Two-thirds believe that they have found the cheapest offer without comparison of conditions

63 percent of the respondents stated that they had received comprehensive information before receiving their last-used installment loan. The comparison of loan offers did not seem to count for them: two thirds renounced according to their own statement. Only one in three respondents decided to compare branch bank (33%) or online (34%). The majority (69%) are nevertheless convinced that they have received the most favorable credit on the market.

Two-thirds believe they have found the cheapest loan without comparison of conditions.

Two-thirds believe they have found the cheapest loan without comparison of conditions.

“In times when credit offers are as easy to compare as product, airfare or travel prices, it is difficult to understand how to do without a credit comparison. It is quite conceivable that many of the borrowers are blinded by the currently very low interest rates and suspect that it is not cheaper anyway. But that’s usually a costly fallacy, “says Alexander Artopé, credit expert and CEO of smava. “Depending on the provider, the purpose of the loan, the loan amount, the term and the creditworthiness of the applicant, the conditions can vary greatly. While the use of price search engines in the area of ​​shopping, travel and insurance is now part of everyday life, we still see great need for education in the area of ​​loans. ”

Offline borrowers are more fooled than online borrowers

According to the study, consumers who borrow in a branch bank are more likely to self-deceive. 6 out of 10 people (59%) in this group said they had fully informed themselves about the loan. On the other hand, credit offers compared on average only 26 percent. The information behavior of consumers who have completed their credit online is significantly different. 9 out of 10 respondents (86%) of this group said they had fully informed themselves about borrowing. To this end, 8 out of 10 (78%) compared conditions of online banks and 5 out of 10 (47%) of branch banks.

Offline borrowers are more likely to fool themselves than online borrowers.

Offline borrowers are more likely to fool themselves than online borrowers.