Loans

What People Use Them For – Business

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The epidemic brought about changes in the lives of many people: some managed to maintain and increase their income, while others, unfortunately, lost it partially or completely. Therefore, it is not surprising that people start looking for additional income opportunities and take out loans for personal use to somehow stay afloat: some for home repairs, others for medical services, etc.

Experts from Laina Finance shared some interesting information: More than 25% of people applied for personal loans with the purpose of improving their living conditions. This is quite understandable because a large number of Europeans have switched to remote work from home. There is also an interesting fact that women are starting to take out more personal loans than men.

Let’s see how population spending has changed in the context of the pandemic, and what people have started taking personal loans for.

home improvement

As we said above, this has become the most common reason for taking personal loans in 2020-2021. This trend is likely to continue in 2022 as well. People had more free time, began to spend more time at home, so the desire to improve their living conditions became the first. From repair work to buying new furniture and decorations – that’s what people want to spend their money on right now.

self care

Medical bills have become the second reason for personal loans during the pandemic. Residents of Europe began to take care of their health and worry more, undergo more examinations and visit doctors, buy large quantities of medicines and vitamins – all this led to a significant increase in monthly spending. The attitude of people to their health has changed, and therefore many have ceased to save on themselves.

Here, we can also add spending on self-care and fitness measures. Anything that can provide benefits for health, body and appearance has become a priority for many.

monotheism

The third reason for personal loans is the consolidation of past debts. The bottom line is that many have become more careful about their finances and have decided to take out new personal loans with lower interest rates to pay off previous loans at higher interest rates. This simplified the entire payment and debt settlement system, and also resulted in significant savings for many.

vehicles

Buying a car is the next reason to get a personal loan. Here, too, everything is quite understandable – many people began to spend more time on personal affairs, meetings with relatives, etc., and at the same time, the need to use public transport on a daily basis decreased. Also, many began to abandon the use of public transport in order to take care of their health and reduce contacts with others.

Moreover, the car is not the only popular option – bicycles and electric scooters have become the purchase leaders.

car repairs

We never know how much of a car service bill we’ll receive next month. Moreover, the car can break down at the most unexpected moment. If there is no savings, then personal loans come to the rescue. This has become the fifth reason why people are taking out loans in 2020-2021.

education

Due to the fact that the income of many people is low, they begin to look for additional ways to earn money and begin to buy various educational courses, seminars and lessons to improve their qualifications or master a new profession. The desire for self-education and skill improvement became very common in 2020-2021, respectively, people began to look for opportunities to pay for everything in the form of personal loans.

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