In the first quarter of 2018, consumers in Germany borrowed 27.17 billion euros. Those who completed their loan on the Internet paid on average 1.85 percentage points less interest than the national average. Had all borrowers completed their loan on the internet, they would have saved a total of 612.1 million euros. This is shown by data from the Bundesbank, Schufa and the credit portal smava.
Installment loans were on average more favorable in the first quarter of 2018 than in the annual average for 2017. According to the Bundesbank, the annual average interest rate on installment loans was 5.64 percent. This is minus 0.11 percentage points compared to the annual average for 2017. The effective annual interest rate for loans concluded on the Internet fell even more sharply. According to information from smava, it fell by 0.29 percentage points to an average of 3.79 percent in the first quarter of 2018. In the first quarter of 2018, online installment loans were 1.85 percentage points cheaper than the national average.