Due to rising costs over the last year, Romanians have required quicker and easier access to financing as well as more money for personal requirements or to buy the necessities for a more comfortable lifestyle. Personal needs loans appear to be a better fit for their goals. According to a tbi bank survey of 1,057 respondents nationwide, about 70% of Romanians would desire this kind of loan, and more than 60% would prefer a quicker and easier application process for obtaining finance.
Furthermore, over 44% of the participants expressed their desire for fewer documentation to be needed from the bank in order to obtain financing, a quicker turnaround time from application to money disbursement (30.56%), and the ability to obtain funds without having to provide proof of expenditure (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”, Gergana Staykova, Market Leader, tbi bank, mentioned.
When asked what the primary benefit of interest-free rates is, nearly 42% of the participants responded that it would significantly lessen the impact of loan costs, over 29% that it would free up more money for other purchases, and 16% that it would enable them to maintain their current standard of living.
According to credit preferences, over 33% prefer a larger loan that is repaid over a longer period of time and has 0% interest for the first four months, while over 52% prefer a smaller loan that can be returned in four payments at 0% interest.
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.