Since 2015, consumer credit has been rising steadily and the first quarter of 2018 only confirms this trend. 3.3%, this is the increase recorded by the French association of financial companies, an increase which concerns mainly the lease with option to buy but not that.
The LOA, the new consumer practice
The rental with option to purchase seduces more and more consumer lambda. The proof ? Compared to the first three months of 2017, the first quarter of 2018 saw a jump of 15.4% with a transaction volume of € 1.8 billion in LOA. The big part of this market is the acquisition of a new vehicle. Nevertheless, it is the acquisition of used vehicles that is causing a sensation, with a rise of 57% for the same period. We must believe that consumer behavior has profoundly metamorphosed in recent years, finding in the occasion a way to ensure mobility without breaking the bank.
Personal Payday Loan, a particularly affectionate loan
The personal payday loan is an unrestricted consumer loan . This means that the borrower has full freedom in the destination of funds, travel financing, marriage, children’s education, etc. This total freedom certainly explains why the French love this loan formula, not binding and can be used to overcome the temporary difficulties. The personal payday loan logically records a rise of 1.5% for the first quarter of 2018. With a majority share of 30% among all consumer loans. Of the € 10 billion, the 3.4 billion were subscribed in the form of unassigned personal payday loan.
Other credits back
Apart from the personal payday loan, other credits all recorded a significant decline. For the auto loan, it declined by 6% for the first quarter of this year. Recall that the auto loan is an assigned loan, intended for the acquisition of new vehicle. Certainly the rise of the LOA explains this decline. It is the same for the loan works which decreases of 2% on this same period, loan works which is most of the time assigned to the works of renovation of the house, insulation, change of heating, etc. As for the revolving credit or revolving credit, the consumer depends less and less and the formula has recorded during the first three months of 2018 an increase of -0.7%.
The 3% rise in consumer credit remains mixed, since not all consumer loans are affected. If the personal payday loan has taken a leap forward, other conventional formulas such as loans affected, they record a decrease. We are witnessing especially a small revolution in the consumption pattern of the French, finding more their account in the lease with option to buy, allowing them to choose between renting and buying, but especially in the craze for the occasion .