Holiday Loans increases
Shortly the summer holidays for millions of Italians will start; an appointment that few seem to want to give up and are increasingly those who, to meet the costs of a trip, choose to resort to a credit company. According to the estimates of some articles, in the first 5 months of 2019 alone, over 72 million euros were disbursed in personal loans intended to cover the costs related to the holidays.
The analysis, carried out on a sample of more than 95,000 applications for funding presented from 1 January to 31 May through the two portals, on the one hand defined the average loan application amount at 5,291 euros and the other at 30% the increase in weight these questions on the total personal loans that we tried to obtain.
If it is true that the number of applicants has increased – the analysis reads – it is equally true that the average denomination has been reduced and the loan is not necessarily used for the holiday of life, that of the prohibitive cost, but also for travel of significantly lower value than in the past; compared to the total number of applications, the percentage weight of those who tried to get more than 10,000 euros to pay for their holidays went from 22% to 17% of the total. On the other hand, the applicants who chose smaller amounts, between € 2,000 and € 5,000, accounted for 70% of the total sample in the first 5 months of 2019; they were 60% in 2018.
Another figure is significant; despite the decrease in the average amounts requested, the amortization plans have been extended, going from 45 to 51 installments (ie just over 4 years). But it’s not bad news.
” Analyzing the best offers on the online channel shows that the average interest rates for a personal loan requested to pay for travel expenses vary between 6.64% and 7.15%”, explains by the manager of loans agency. “Values that allow claimants to aim for a longer repayment plan – which translates into a lighter installment – without this having an excessive impact in terms of interest payable”.
Used Holiday days for personal purposes
An analysis of the profile of those who have applied for personal loans to pay for a trip shows that this type of financing is particularly widespread among young people. If, in general, those who turn to a credit company in Italy have, on average, more than 43 years, when it comes to vacation loans, the average age of applicants falls below 39 years. A value on which the under 30s play a decisive role, to which almost every third holiday loan application belongs.
A loan application was submitted in 76% of the cases by a man, while the average salary declared in the request phase is equal to 1,750 euros, although the differences between the male champion, who on average declares a salary of 1,862 euros, remain. the female one, with a monthly income of 1,361 euros.
With regard to the job position of the applicants, 61% is a private employee with a permanent contract, 10% a self-employed person or a freelancer.