Who asks for loans online? This study reveals

From Currency Now we present the study Trends in the demand for online loans in Spain, which we have carried out based on an analysis of the applications for personal loans registered on our website throughout 2016.

From this study we have been able to configure the profile of the applicant for this type of online financing in Spain, thus verifying that the demanding type of personal loans on the Internet in Spain covers mostly two generations:

1. The millennial generation, formed by those born between 1980 and 1997; Spaniards who, today, have a maximum of 36 years.
2. Generation X, which groups those born between 1966 and 1980 and, consequently, are currently between 37 and 50 years old.

This sector of the population is characterized by its disaffection of traditional banking and the search for financial products and services that fit their values ​​and way of life. In the case of Internet loans, the convenience of the process – completely online – and the speed in the management and issuance of money make the thirties value online loans as a useful tool and adapted to the demands of the 21st century.


Regarding the amount of the loans requested

money loans requested

We have verified that the majority of applicants opt for amounts less than 1,000 dollars, although in Currency Now we offer up to 5,000. However, the trend changes when the applicants declared themselves autonomous. Most of these self-employed workers usually request amounts close to or even higher than 3,000 dollars.

Regarding the demand trend throughout the year, we can affirm that there are two crucial moments where we see that loan applications increase considerably: August and September. August, month of vacation par excellence in Spain, and September, the month of the return to school. Indeed, two of the months in which the Spaniards face higher expenses.


Other data that the study reveals

loans online

Most applicants:

  • Declared not having children (52%).
  • Declared having a job (69%).
  • Claimed to reside in Catalonia (20%).
  • You prefer to ask for your loan from Monday to Thursday.
  • Request your loan between 10 am and 7 pm, with the peak of activity being 12 hours.

Prefers to apply for loans online because of: the speed, comfort and discretion of the process.

Choose these products over mini-credits for the possibility of paying in installments.


Expand information about the study

online loans

To expand information about the study we have developed a series of interactive graphics where, in a visual way, we show more interesting data extracted from this analysis:

Profile of the online loan applicant

Apply for a loan: how much, when and from where?

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