More focus on term and total amount with Personal loan
The National Institute for Budget Information, better known as Lobesrob, has published the results of new research. The survey was conducted among households that have taken out a personal loan through an intermediary in the past two years. Dinoscredit also participated in this research.
We are happy to list the results for you.
The research shows that consumers are generally satisfied with their personal loan. There are no problems with the monthly repayment of the personal loan. This indicates that the consumer has taken out a loan that matches his personal and financial situation. The acceptance standard applied by lenders, which among other things looks at the monthly fixed costs that a consumer has and the level of income, therefore has an effect.
Maturity has more influence than expected
The Lobesrob study also shows that the duration has more influence on consumer experience than expected. The longer the duration, the lower the satisfaction. This could indicate that consumers find it difficult to pay off the loan a long time after the loan amount has been spent. The ‘necessity’ of the loan is gone, creating more negative feelings about the loan.
Total amount deserves more attention
Although consumers think carefully about the amount of the loan, the monthly amount and the interest rate, there seems to be less attention for the duration of the loan. Consumers also pay less attention to the total amount. Some of the consumers no longer know the duration of his loan or have no idea of the total amount of his personal loan.
More focus on duration and total amount
Lobesrob would like lenders and intermediaries to focus more on the duration and the total amount of the loan. Lobesrob advises by redesigning the choice environment on the website. Research has also shown that a clear picture of the total amount influences the term that consumers choose. If the total amount is prominently displayed, more consumers opt for a shorter duration.