Surge in Fast Credit Usage: 23% of Bulgarians Seek Quick Loans in 2023

The percentage of Bulgarians resorting to fast credit services has surged to 23% in 2023 from 15% in the previous year, as per findings from a nationwide study conducted by the Kantar consulting firm. The report, disclosed by non-banking lender Easy Credit, highlights the growing trend of utilizing these services.

Kantar's research suggests that fast credits are primarily favored for their simplicity and ease of access, allowing users to obtain funds promptly and with minimal complications. Moreover, consumers increasingly expect non-banking financial institutions to ensure fairness, transparency in conditions, and competitive financial offerings.

Surveying 807 adult participants in August 2023, the study sheds light on the preferences and habits of fast credit users. A parallel study by the Trend Research Centre, commissioned by the Association for Responsible Non-Bank Lending, further details that 82% of fast credit users have taken up to three credits, with 25% primarily using these loans for expenses related to appliances, repairs, or holidays.

Speed and convenience emerged as the most significant advantages of fast crediting, resonating with 83% and 49% of users, respectively. Additionally, Easy Credit reported receiving its 5-millionth cash credit request from a client in the first week of 2024, with the company's average credit term standing at six months.

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