(Finance) – The increase of cost of money it is also reflected in the interest rates of personal loans. The average APR available online has increased by 25% in one year, going from 7.50% in January 2022 to 9.40% in January 2023. This is what emerges from an analysis by Facile.it.
In Italy the the first reason why a personal loan is requested is to obtain liquidity, a request often linked to the need to deal with unforeseen events or large expenses and which in January 2023 represented almost a third of total demand (31.1%). Also in this case the average rates increased considerably, with an increase in line with that recorded for other types of loans.
According to the simulations of Facile.it, for example, those who in January 2023 obtained a personal loan for liquidity of 10 thousand euros (lasting 5 years), at the end of the amortization plan, including interest and other ancillary costs, will have spent an average of 2,300 euros, much more than those who requested the same type of loan in January 2022, when these items amounted to around 1,760 euros.
To meet the higher costs, families choose to focus on smaller amounts. Looking at the requests for personal loans for liquidity collected online in January 2023, – the survey notes – it emerges that those who applied aimed to obtain, on average, 9,207 euros, a value down by 5% compared to last year. The reduction also resulted in a shortening the duration of amortization plans, passed from 60 to 55 months. On the other hand, stableaverage age of those who applied, still at 42 years.
If according to thelatest survey by the Bank of Italy the average rate of total personal loans (TEGM) is equal to 11.61%, as the experts of Facile.it point out, online average indices today hover around 9.40% (APR).
“In a period characterized by a generalized increase in interest rates, it is more important than ever to compare the offers of different credit companies – he explains Aligi Scotti, BU Director of Facile.it loans –. Only in this way is it possible to identify the offer that best suits your needs and save money, bearing in mind that the difference between one financial institution and another can be truly remarkable. The intervention of an expert consultant can also be essential to identify the credit company suitable for the risk profile of the applicant, increasing the probability of approval of the loan”.