Vacation Loans in Spain: Demand Soars in July

NAVARRE INFORMATION

July is the month where there is the most demand for vacation loans in Spain, 8 out of 10 Spaniards have taken or plan to go on vacation this summer

According to an internal Cofidis study, 8 out of 10 Spaniards have taken or plan to go on vacation this summer. The customer profile is usually male, around 43 years old, salaried, who lives for rent and is married.

So far this year, July has become the month in which the most applications for loans and holiday credits have been registered by the Spanish. The demand for this type of financing has increased notably due, basically, to the summer holidays, according to an internal study carried out by Cofidis, a financial institution specializing in the granting of consumer credit and the financing of projects to individuals.

As for the majority profile of the client who uses this type of help to finance their vacations, it is usually male, about 43 years old, salaried, who lives in rent and is married. Regarding geographic location, the largest number of requests are from residents of Catalonia, Madrid, Andalusia or the Valencian Community.

The Cofidis Observatory for the Economy and Sustainability in the Home, recently published, indicates that 8 out of 10 Spaniards do not want to give up vacations, despite the fact that inflation has led to significant changes in their lifestyle for almost half of Spanish households. According to this study, 33% of these households have had to change some important aspect and 12% cannot maintain the lifestyle they led.

So, the travel loans and credits They have become the solution to finance vacations that many Spaniards resort to the most who have not been able to save during the year or prefer to allocate their savings to other essential purposes.

However, according to internal company data, although the number of requests has increased in Cofidis, in parallel, the number of requests rejected by the financial institution has also grown.
“As much as asking for a loan to finance a vacation seems like a good option, it is crucial to remember that this type of financial aid must be managed responsibly, both by those who request it and by the financial institutions that offer it,” said Anna Golsa, director of Digital Business and Marketing at Cofidis. In this sense, the board of directors has added: “At Cofidis we exercise responsibility to prevent more fragile profiles from encountering a debt problem with a project such as a vacation.”