The interest rates for installment loans taken out have reached a new high. As an evaluation by the comparison portal Verivox showed, they averaged 7.35 percent in August – making loans 3.8 percent more expensive than in the previous month. Compared to the previous year, they increased in price by 54 percent: Anyone who took out a loan through Verivox in August 2022 had to pay an average of 4.75 percent interest.
Compared to the low in February 2022, there was an increase of 154 percent; at that time, an average of 2.89 percent was due. “Borrowers with average creditworthiness now have to pay interest costs that are more than two and a half times as high for the same loan as they did back then,” the portal calculated. The evaluation was available to AFP on Wednesday.
This made access to loans particularly difficult for low-income earners. According to Verivox, apart from the higher interest rates, the banks are “applying ever stricter standards when examining financing requests”. This is also shown by our own data.
In August 2022, almost two thirds (64 percent) of all people interested in a loan who made an installment loan comparison via Verivox received at least one financing offer. A year later, the offer rate was still 58 percent. The decline was particularly strong in the lower income group.
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2023-09-27 15:17:21
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