After two years of pandemic, 2022 has not given a truce to the Spanish economy, which has been badly damaged by uncertainty and rising inflation. In addition, the forecasts are not too rosy for 2023 either, raising the concern of the Spanish about their finances. According to data from Younited, the instant credit provider, 35.42% of loan applications in 2022 have been directly destined for the debt reunification (19.54%) or obtaining liquidity (15.88%). These two categories are, respectively, the second and third motivation when applying for a consumer loan, reports Younited. Home renovations occupy the first position (20,77%).
THE PEAKS
Almost 20% (19.54%) of loan applications are for debt reunification, according to data from Younited. The total amount demanded for this purpose has exceeded 1,300 million euros. January was the month in which the most loans in this category were requested, due to the end of the Christmas period and the beginning of the new year. However, there was another spike in March, just after the outbreak of the Ukrainian war. The average amount requested in 2022 for debt reunification stands at 11,706 euros. However, in the months of April (one of the months in which inflation was closest to the maximum with 9.8%) and May the average loan demanded for this purpose increased slightly to stand at 12,620 euros ( 7.81% above the annual average).
The rising demand for liquidity credits is maintained throughout the year
Younited has already identified a 3.3% increase in the average loan requested for liquidity in the first half as a result of inflation. The upward trend in average credit has stabilized throughout the second half of the year, standing at an average amount of 6,630 euros for the year as a whole. Despite this, Younited has received a volume of credit applications with this objective of more than 600 million euros. The month in which most loans were requested was October, followed by August, months in which the price of energy and inflation peaked.
THE PROFILE IN SPAIN
Loans for debt reunification are mainly requested by men, who represent 57.71% of the total requests made in January and November. Women represented 42.29% in the same period. The mean age was 42 years. In the case of liquidity loans, the gap between men and women is even more pronounced. Until the end of November, 62.87% of applicants have been men over 37.13% women. The average age at the time of applying for the loan is 44.5. In both cases, the typical applicant resides in a large city.
BANK OF SPAIN
The latest Survey on Bank Loans published by the Bank of Spain gives an account of the new direction that the mortgage market has taken. According to the financial entities consulted by the organization headed by Pablo Hernández de Cos, in the third quarter of 2022 more expensive mortgages were granted and the requirements to access these products were tightened. In this way, obtaining a loan to buy a home was more expensive and more difficult and this trend will continue this year because the European Central Bank will continue to raise interest rates.
MORE DETAILS
Younited is the leading European provider of instant credit for the digital economy. Constant innovation, disruptive technology and an exceptional user experience have allowed almost one million customers to have access to instant, simple and transparent to renovate your house, go on vacation or buy a new smartphone.
Younited offers instant credit integrated into the customer journey and in a single interface, for payment or loan online or in a physical store. Up to 50,000 euros. Up to 84 months. Instantly.
Younited is the leader in 5 European countries and generates more than 2,000 million euros
Younited is a leader in 5 European countries and generates more than 2,000 million euros in accumulated GMV (Gross Merchandise Value, equivalent to the volume of transactions), with almost 50% of its business outside of France. As a pioneer in personalized budget coaching, Younited deploys a credit strategy at the service of all to promote more transparency and fairness. Younited has started the process to become a certified B-Corp.