How loans are used in Germany
We conducted a credit study to learn more about the typical German borrower. We interviewed 1,000 test persons who had taken out a loan in the past 12 months. We have prepared the results for you here.
In total, 4 out of 10 Germans have taken out a loan in the past 12 months. Installment credits were most frequently raised (52%), followed by credit facilities (32%) and real estate loans and mortgage lending (16%).
We are particularly interested in users of installment loans: Most installment loans are used to buy a new or used car or to buy a motorcycle (33%). Even consumer goods such as televisions, washing machines or game consoles are at the top of the list with 24%. 12% use the loan for a move, furniture or renovations, 10% owe their old credit, 7% use it for education and training, 6% for medical services such as cosmetic surgery. 5% are for special occasions such as weddings, birthdays or Christmas, 2% for travel and holidays and 1% for business people who use them to expand or in the event of short-term liquidity bottlenecks.
We also asked all 1,000 respondents whether they had compared the terms of their loan offer online. It turned out that just 37% have compared their offer online and have thus obtained comparison offers. As many as 63% have trusted that their offer is already good or very good and have not looked around for alternatives.
The typical borrower in Germany is male and between 40 and 50 years old. 44% of borrowers are female, 56% male. The loan amounts differ depending on gender: men take on average 10,873 euros, women only 9,736 euros.