An industry organization that brings together among other companies behind brands. Together, the members of the organization account for a very large part of the total number of mms granted in Sweden and this means that FEKS can present fairly true facts about how the fast-loan industry is developing. As we write this, FEKS has just presented a number of interesting facts about fast loans 2015 and below you can read a summary. sensant.com has more information
From FEKS’s compilation of lending in the fast loan segment for 2015, it is fairly easy to identify two trends, namely:
- The number of loans is increasing
- The number of cases at Kronogeden will be reduced.
The number of cases, both in terms of loan applications and actually granted loans, increased quite sharply in 2015 compared to 2014. If we calculate in invoices, the increase is actually a full 25% between years. The reasons for the increased lending are of course several. For example, we can point to the greater breadth of the lenders’ offerings. There are now simply more loan products that can suit more potential customers.
At the same time as the number of loans is increasing, the number of cases going to Kronogeden is reduced. This relationship may seem impossible, but there is a fairly simple explanation. This is because lenders are now obliged to carry out tougher credit checks than before, and this means that borrowers who have less ability to repay cannot be granted loans. Compared to 2014, the number of cases at Kronogeden decreased due to unpaid mms loans by 27%, which is a rather remarkable figure.
The typical customer
In the general consciousness, there is a picture that younger people are clearly over-represented in the statistics regarding those who apply for mms loans. However, FEKS’s statistics point in a different direction and the age group of 18-25 years is not at all over-represented. Instead, we can note that the average age of those applying for fast loans is 37 years.
Some further generalizations based on FEKS’s data indicate that the typical customer is a man who has an annual income that is slightly lower than the median salary in Sweden. In practice, the typical fast loan customer can be said to be an average Swedish.