Online personal payday loans are becoming increasingly popular in Germany

In Germany, there was more movement in the credit market last year. The loan amounts raised totaled EUR 225 billion. Online personal payday loans, in particular, are becoming increasingly popular.

Online personal payday loan growth rate at 20. In recent years, the credit markets in Europe have been relatively calm. But in 2015, the personal credit market revived. European consumers borrowed a total of $ 1,124 billion by the end of 2015. Of this, consumers in Germany claimed around 225 billion dollars. The loan portfolio has risen again for the first time since 2008. Compared to the previous year by three percent.

German borrowers were somewhat reluctant to take out new loans internationally, but the popularity of online personal payday loans was particularly lively. The French bank Cream Bank Consumer Finance group conducted a study on consumer credit in 28 European countries. Best Bank is also part of the credit institution.

Improved conditions for taking out personal payday loans

Accordingly, after several years of decline, European consumers have increasingly financed their purchases through loans. The prerequisites for taking out a personal payday loan are significantly improved today. These included better economic conditions, higher salaries, improved job prospects, and lower unemployment. The consumers are in a good mood.

German private borrowers in second place

The German personal payday loan market is in second place compared to 28 countries. Outstanding amounts at the end of 2015 amounted to 225 billion dollars. Great Britain is in first place with a total loan amount of 329 billion dollars. Positions 3 to 5 are occupied by France ($ 153 billion), Italy ($ 106 billion) and Spain ($ 67 billion).

There has been a decline in the volume of personal payday loans in nine European countries. These include Greece (-3%), Ireland (-2%), Austria (-4%) and the Netherlands (-7%). Demand fell most sharply in Hungary (-17%).

Advantages Online personal payday loans are becoming increasingly popular among Germans. The advantages of a quick comparison of the current loan interest rates and an equally quick loan agreement online were used significantly more by German consumers in the past year. The volume of online personal payday loans granted rose by 20 percent in 2015.