Research shows: more than a half of residents in the Baltics carefully assess credit repayment possibilities | Luminor

53% of Baltic residents mention lower annual interest rates as the decisive reason for them choosing a creditor. Assessment of other expenses occurring during the credit repayment is equally important. This shows a positive trend that credit repayment possibilities are carefully assessed. Women find the option to obtain consumer loans remotely and short approval periods more important than men. According to research conducted by Luminor, this trend is typical in all three Baltic States.

Women in the Baltic States find the option to obtain credit remotely and short approval periods more important than men do. Nearly 50% of women in all three Baltic States specified the possibility to obtain credit remotely as being very important, and a mere third of men shared the same opinion (in Latvia – 30%; in Lithuania – 28%; in Estonia – 33%). However, the overall questionnaire data show that consumer loans in all three Baltic States are more frequently taken out by men, accounting for 54% of the respondents who took out consumer loans within the two last years (in Estonia – 54%, in Lithuania – 58%, in Latvia – 51%).  
“We carefully follow the habits of our customers, and the fact that remote services are becoming more popular is apparent not only in the area of crediting. More than 85% of Luminor customers in the Baltic States use remote channels for their daily financial services on a daily basis. Overall, the number of male and female internet users in Latvia is equal1; therefore, it is interesting that this research discovered differences between then genders – it is apparent that women are more interested in using remote services than men. However, our experience shows that the decision-makers are mostly men,” says Ingūna Krieva, lending expert at Luminor.
In general, when selecting a creditor the following aspects are the most important for residents of the Baltic States:

About the research conducted by Luminor. Luminor’s research regarding the habits of residents of the Baltic States in relation to the use of consumer credit loans was conducted in cooperation with the market research agency Norstat. In June 2019, 3,026 respondents in total were questioned according to the representative selection principles within the framework of the research (in Latvia – 1,012; in Lithuania – 1,009; in Estonia – 1,005).

Gemius research on statistical data about internet users in Latvia in 2018: 52% of all internet users in Latvia are women, while 48% are men.

More information: Inese Kronberga