Survey: 70% of Romanians Seek Unrestricted Personal Needs Loans

Over the previous year, Romanians have needed an easier and faster access to financing, and more money for their personal needs or to purchase the necessities for a more comfortable lifestyle due to increased costs, and personal needs loans seem to fit better in their plans. Almost 70% of Romanians would want this type of loan, and more than 60% would like a simpler and faster application process when accessing financing, according to a tbi bank survey among 1,057 respondents across the country.

Moreover, more than 44% of the respondents would like fewer documents required by the bank when accessing the financing, a shorter time from application to money disbursement – 30.56%, and access to money without the need to justify expenses – 22.8%.

”The consumer profile has changed radically in recent years, and Romanians want more and more to access the finance they need quickly, without struggling with excessive bureaucracy. That’s why we have adapted quickly to their needs and invested in our online experience to provide them with the money they need without unnecessary visits to bank branches”, said Gergana Staykova, Market Leader, tbi bank.

Asked about the maximum amount they would like to access with a shopping loan, almost 63% of subjects said that less than 10,000 lei, and more than 23% said they want an amount between 10,000 and 30,000 lei.

Almost 42% of the subjects, when asked what the main advantage of interest-free rates is, said that it would greatly mitigate the effect of the cost of a loan, more than 29% said that it would allow them to have more money for other purchases, and 16,3% that it would help them maintain the same standard of living.

Related to the type of credit preference, more than 52% choose a smaller loan that can be repaid in 4 installments with 0% interest, and almost 33% want a larger loan, repaid over a longer period, with 0% interest for the first 4 months.

The tbi bank survey on Romanians’ perception of the financing was conducted nationwide in August-September 2023 via the iVox platform, on a total sample of 1,057 internet users in Romania. Slightly more than 50% of the participants are women, little less than 75% are at most 45 years old and more than 87% live in urban areas.