Experts Predict That Demand for Consumer Loans Will Grow by 47% in the Last Quarter of 2022 Due to Inflation

By  //  July 25, 2022

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Only 5 months are left before the end of 2022, and the results of the demands for consumer credit have not dropped down since the beginning of the year. Even though the experts have claimed that the growth for the credit would not be relatively high in comparison to the previous year, the statistics have shown the opposite.

Since the Q1, Q2, and Q3 have already shown a great increase in the demand for consumer lending, the experts now predict a surprising 47% increase for the last quarter of 2022. So without further ado, let’s dive deeper into this topic and see what changes and transformations are ahead of us for the Q4 of 2022.

The consumer credit demand from the beginning of 2022

Increasing demand paces and the raised costs of interests and services set tension on the customer financial budget in the first quarter of this year. Regardless of the challenges, customers stay sufficiently placed from a consumer credit standpoint, according to experts at Foxycredit.

Throughout the period of COVID-19, client implementation stayed moderately robust as motivation accounts, patience, and housing programs delivered clients with a protection haul during a course of significant apprehension. Currently, when the pandemic economic programs have been completed, further challenges including, inflation and ascending interest expense are beginning to have an influence on customer expenditure control.

While expenses are rising, client expenditure has not yet rebounded to the levels of the situations before the pandemic. According to recent studies, many people applied for consumer credit at the beginning of the first quarter of 2022. The lending companies such as Zmarta have provided various offers with low interests for those who want to apply for credit.

This led to a 14% increase in the demand for consumer lending in comparison to the same period of the previous year in the EU. Another interesting increase that was noticed by the analysts was at the end of the Q2 of 2022. It was highlighted that the demand for consumer credit in many European countries increased by over 30%. This was explained by the availability of low interests and beneficial offers from many lending companies in Europe. 

Even though the third quarter of the year is not over yet, many experts see stable growth in the statistics of consumer lending. According to various sources, around 6 million people applied for consumer credit at the beginning of July. This only gives us a view of the end of the year, which is very promising. 

The forecasts for the last quarter of 2022    

Given the results of the three quarters of the year, many analysts say that there will be a relatively stable and strong growth in the demand for consumer credit. Even though the crisis of the pandemic is long gone, people are still recovering from the damage caused. And with the end of the year, many people apply for new loans.

After analyzing the results of the first three quarters, many experts claim that there will be an increase of around 47% for the Q4 of 2022 in comparison to the previous year. This is explained by the new waves of the pandemic, upgraded regulations that might appear again and inflation. Various studies show that each year people are getting more consumer loans by the end of the year, which is considered with the period of holidays and vacations.

That is why many lending companies consider the last quarter to be one of the busiest ones for consumer credit applications. This situation only gives us an opportunity to wait till the end of the year and follow the statistics of the last quarter to compare the forecasts with the reality. 

The bottom line

Many experts say that consumer lending will still be demanded for the forthcoming five years. Given the circumstances around the world, many people will still apply for consumer credit and hope to get confirmation from the lending companies. With these kinds of steps, experts do not see any trouble in the demand.