The number of credits granted due to lack of liquid or to refinance and pay other loans has increased in the last year to represent 43.10% of the total, according to the latest annual barometer of the Association of Financial Users (Asufin). For the entity, this fact confirms “the greater uncertainty and the economic problems derived from the rise in prices and the perception that we will face a complicated second half of the year.” As shown by the data from Asufin, in the last twelve months credits due to ‘need for money’ have risen from 4.2% to 26.9%. Likewise, the need for refinancing also increased, going from 15.4% to 16.2%.
“This rise in the demand for loans, especially due to the need for money, coincides with a rise in interest rates on loans, especially in the short term,” the association points out. The rate hike has already been transferred in the same way in other benchmarks such as the twelve-month Euribor, which has gone from -0.50% in December to 0.85% in June, 1.35% more.
In general terms, compared to June of last year, the demand for loans also grows. According to Asufin, almost one in three Spaniards (29.30%) indicates that they intend to request a loan. This data doubles that of June 2020, just when the first confinement had just been lifted to combat covid.
“The rise in loan request expectations (…) seems to indicate a high level of contracting for the following months,” warns the entity. In Asufin’s opinion, the problem that customers may encounter is twofold. “On the one hand, with more expensive rates, with an average that in the short and long term already exceeds 10%, and with more demand for loans to reunify debts or to cover money needs, which are precisely those that tend to pay the highest interest. high,” warns the study.
All in all, the barometer shows that more “traditional” loans (for vehicles or home renovations) are falling, a significant thing that seems to indicate a postponement of these big spending decisions. “Inflation is suffocating many families who cannot make ends meet and the need to obtain money for financing is greater. If the consumer decides to access this route, he always has to take into account, first of all, that he can return it without any problem », warns Asufin.