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Asufin warns that consumer loans are becoming more expensive and an average of 13% is paid

Date: December 3, 2023 Time: 04:42:21

The Association of Financial Users, Asufin, has warned that consumer loans do not step on the brakes and are becoming more expensive in Spain with an average increase in interest that already exceeds 13%. In addition, the demand continues to grow, which is shown in the V ros months. 32.2% of those surveyed have already requested a loan, compared to 20.30% who were affected in 2022, 24.10% in 2021 and 14.20% in 2020.

However, the need to obtain liquidity and to finance the debts is still present to a large extent, which is why Asufin anticipates that a loan be requested to weather the summer storm. Almost half of the requests have reached bank offices, since it is the purpose that 43% of those interviewed will give them, according to Efe from the Asufin report.

Car and travel prices rise

On the other hand, it is followed by the purchase of vehicles, with 15.1%, and reforms, with 9.9%. Travel and vacations will also concentrate 9.9% of the requested loan. And all this in a context of rising prices, in which the average of short-term loans in Spain reaches 13.17% APR, 2.75 percentage points more than a year ago. In the case of consumer finance companies, the average interest on short-term loans reached 17.42%, 5.82 percentage points more than a year earlier, with which they are at a level similar to that of credit cards. credit.

In banks, the average short-term interest is 12.16%, 2.88 percentage points more than a year earlier, when its average cost was 11.43%. While in the long term, the average rate applied by consumer finance companies is 13.13%, also above the 11.43% applied by banks. The cheapest loans and those that experience the least increases are those from banks and consumer finance companies that finance vehicles, which now have an average cost of 9.94% in the short term and 9.83% in the long term.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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