The Spanish economy continues to be in a difficult situation, after two years of a pandemic, due to uncertainty and the increase in 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 they have been directly earmarked for 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 reforms occupy the first position (20.77%).
One in five loans requested in 2022 is for debt reunification
Almost 20% (19.54%) of loan applications are for debt reunification, according to data from Younited. The total quantity 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 already identified a 3.3% increase in the average loan requested for liquidity in the first half as 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.
Consumer loan applicant profile in Spain
The loans earmarked for debt reunification are mainly sued by men, which 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.
