The most common reasons for a payday loan

What are the Swiss actually taking out loans for? This is what the well-known Swiss internet comparison portal wanted to know, and in April this year surveyed 1,011 adults across Switzerland. There were some amazing results here, because the reasons for borrowing are usually very different.

Over a third of those surveyed have already taken out payday loans

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In the survey, 34% of the respondents stated that they had already used a Swiss payday loan. Unsurprisingly, the car loan came in first place with 49% as a loan purpose. Other purchases such as furniture (13%) or consumer electronics (12%) came in at the bottom of the rankings.

Surprisingly, the loan is often used to finance training and further education (16%). This is even the main reason for credit demand among those under 35. Another interesting detail of the current survey is that men (41%) choose credit financing more often than women (27%).


Filling financial holes with a payday loan?

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Financial bottlenecks are increasingly being bridged with a loan – for 31% of those surveyed, this is the reason for a payday loan. 21% said they used the borrowed money to pay debts or open bills. The following reasons were repeatedly mentioned for a payday loan:

  • Unforeseen bills
  • unexpectedly high tax assessments
  • urgent repairs to the car or your beloved home


Most loan amounts remain below $ 10,000

Most loan amounts remain below $ 10,000

The loan requirement or the loan amount is not always negligible. The survey now found that 17% of borrowers took out a loan of $ 20,000. 28% of the respondents needed a loan with a sum of between $ 10,000 and 20,000.

By far the greatest need was identified for a loan amount of less than $ 10,000. 55% said they had taken out a payday loan of exactly this size.


There are also some regional differences

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The current survey also provides some results for regional peculiarities. It turned out that payday loans, for example, are more popular in Ticino than in German-speaking Switzerland or French-speaking Switzerland. There is also a very clear urban-rural divide. According to the survey, payday loans are generally used much more frequently in metropolitan areas and cities.


Looking for a cheap and fair loan?

Looking for a cheap and fair loan?

More and more Swiss are looking for a fair and cheap payday loan on the Internet. We at Best Bank offer our crowdlending loans at precisely this point, placing our offer to private borrowers. With growing success: Direct lending, transparent fees and Swiss reliability are our credo. We also personally support our borrowers in answering your questions.

The Best Bank loan calculator is easy to use. You can quickly and easily get a financing offer for your new car or the urgently needed repair. But first of all it doesn’t matter what you need your online credit for – at Best Bank we cover a wide range of credit solutions:

  • payday loans
  • refinancing loan
  • Credit increase
  • Credit card refinancing
  • car loan
  • house financing
  • Health loan or
  • Home loan

We already answer numerous questions about borrowing at Best Bank in our FAQ. If you have any further questions, please contact us at any time using the contact form.

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