What are the German citizens to their obligations from a loan ? Will he be repaid on time? Are citizens inclined to make a hasty loan? These and a few further questions have occupied the SCHUFA for years. Every year, the credit behavior of German citizens is evaluated using their own databases. The results of the evaluation of the credit behavior of Germans can be found in the annual SCHUFA Kredit Kompass . So also this year. And the result is relatively clear and can be summarized in a few words: Loans are usually taken wisely and compare the loan terms in detail. In addition, loan repayments this year are exceptionally high. Please find attached the most important results of the SCHUFA Credit Compass 2017.

Loans are repaid on time in a high percentage

 

A result that stands out in particular from this year’s Credit Compass 2017 is the high percentage of borrowers who fulfill their repayment obligations over the entire credit term. It follows that never before have borrowers in Germany repaid their loans more reliably than last year. 97.8 percent of all consumer loans paid back the Germans properly to the bank. A percentage that has never been achieved in the history of the SCHUFA so far.

Comparison of loan offers is becoming more significant

 

The Schufa counted 22.9 million condition requests last year. This represents an increase of around 17 percent compared to 2015. On the other hand, however, the number of new installment loans rose only slightly from 7.4 to 7.7 million. From which it can be concluded that the German citizens often compare 3 and more loan offers here before concluding a consumer credit.

Moreover, the significant difference between the number of completed loans and the number of offers made is also due to the fact that not every requesting loan applicant, and ultimately also a loan request or received. Particularly often, borrowers between the ages of 25 and 29 compare loans. They caught on average 2.4 loan offers before they finally decided on one of them – and thus most likely secured even better terms for a installment loan than the low-interest phase already had ready.

 

Low interest rates motivate you to take out a loan

It is a well-known wisdom of the finance industry: low interest rates fuel consumption and motivate people to buy more on credit or borrow more. In the past year, 36.6 percent of all borrowers borrowed more than € 10,000 and more. By comparison, in 2015, this share had been 34.5 percent, in 2014 even only 31.2 percent. At the same time, the number of small loans and mini loans has fallen. Only less than 1,000 euros have recently been lent to consumers (2015: 24.8 percent, 2014: 27.5 percent).

 

Every sixth German citizen takes out loans

 

After all, every sixth German citizen had at least one current loan in 2016. After all, this corresponds to around 15.5 percent of all Germans. What sounds quite remarkable, however, is to be viewed positively in comparison, because the number is declining. Because in comparison to the previous year, this value has fallen by at least 1 percent from 16.5 percent. It follows that although German consumers absorb less credit, they are asking for higher credit due to the low-interest phase.