OREANDA-NEWS. November 22, 2010. Approximately 45 thousand of Lithuanian residents intend to take consumer loans before the end of this year, and the major part of them – the half – intend to borrow money for improving the housing and household conditions – for housing renovation, for purchasing household and electronic equipment. Less frequently residents plan to borrow money for buying a car or for a holiday trip. Every fourth resident intending to take consumer loans plans to cover old debts with them. It was revealed by the public opinion survey, which was performed by “Spinter tyrymai” – the company surveying marketing, reported the press-centre of Bank SNORAS.

“We constantly watch and assess the behaviour of consumers in the country. We notice that the interest of the country’s residents in the consumer loans revives again. The recovery is also confirmed by the growing sums of the granted consumer loans; however, their issuance volumes have not reached the pre-crisis level yet,” states Deividas Sipaila, the director of Sales Department of AB Bank SNORAS Retail Business Division.

They choose smaller sums of loans
Almost half of the respondents, who indicated that they intend to take consumer loans this year, said that they would choose a sum from 500 up to 5,000 Litas. More than one quarter of such polled persons will choose sums from 5,000 up to 10,000 Litas. Smaller number – the tenth part – among those, who plan to borrow money and use consumer loans, intend to take larger sums – from 10,000 up to 20,000 Litas. 17 per cent of such residents intend to take the largest amounts, i.e. exceeding 20,000 Litas.

According to D. Sipaila, presently in Lithuania the most popular in reality are consumer loans of smaller amounts. Within the first three quarters of this year, residents most frequently borrow from Bank SNORAS sums amounting to 5,000 Litas. However, it was noticed that this year, in comparison to last year, residents of the country often take consumer loans of 5-8 thousand and 10-15 thousand Litas.

Women borrow more often
On the basis of the survey data, more women (56 per cent) than men (44 per cent) plan to take consumer loans this year. According to D. Sipaila, before the crisis began, among all residents of the country, to whom Bank SNORAS issued consumer loans, there were more men. However, both last year and this year women have the lead among recipients of consumer loans.

According to the data of the aforementioned public survey, among the residents, who intend to take consumer loans this year, the major part comprised persons from 26 up to 55 years old, having the high, secondary or secondary special education, who are married and live in large cities.

They trust banks the most
Residents, who do not intend to take a consumer loan this year, most frequently pointed out that there is no need for it – 44 per cent of those polled. 19 per cent stated that they do not earn sufficient income to be able to borrow money by taking a consumer loan. 16 per cent expressed fear of losing the source of permanent income and failing to redeem the loan. Other 13 per cent maintained that in life they follow the principle of not borrowing money from banks or other credit institutions.

However, on the basis of Bank SNORAS data, the interest of Lithuanian residents in consumer loans revives again. During the three quarters of this year, the sum of the consumer loans granted to residents by the bank reached LTL 15.47 million, whereas in the appropriate period last year this indicator was LTL 1.42 million. Within a year, the number of the recipients, who were granted consumer loans, increased almost tenfold.

Lithuanian residents, while borrowing funds, trust banks the most. Even three-fourth of those polled stated that they would go to a bank to get a consumer loan. And only 6 per cent in such case would choose a credit union, while 3 per cent would go to fast loan companies.

During the aforementioned public opinion poll survey, 1005 respondents of 18-75 age groups were canvassed throughout Lithuania. The survey took place on 5-15 October 2010 and was performed by “Spinter tyrymai” – the company surveying marketing.