site.btaShare of Fast Credit Users Grows to 23% in 2023 from 15% in 2022

The share of fast credit users in Bulgaria increased to 23% in 2023 from 15% in 2022, shows a nationwide representative survey by the Kantar consulting company, unveiled by non-banking lender Easy Credit on Wednesday.

According to Kantar, fast credits are associated mainly with using money when needed, which is done easily and without complications. One of the conclusions from the survey is that consumers expect non-banking financial institutions to treat them fairly, offer transparent conditions and provide competitive financial products.

The survey was conducted in August 2023 among 807 adult respondents.

A parallel study carried out by the Trend Research Centre, also cited by Easy Credit, indicates that 82% of fast credit users in Bulgaria have taken up to three credits, and one in three has taken only one. The study was commissioned by the Association for Responsible Non-Bank Lending. According to it, 25% of Bulgarians have used a fast credit mainly to pay for appliances, repairs and/or holidays. Speed is the most significant advantage of fast crediting. It is identified by 83% of those who have used the service. The second most important advantage (49%) is convenience.

Easy Credit said that they received the 5-millionth cash credit request from a client in the first week of 2024. The average term of a credit provided by the company is six months.