People who deal with money on a daily basis often borrow large sums.
(Photo: imago images / PhotoAlto)
Frankfurt Bankers and employees of insurance companies take out the largest loans in Germany. No other professional group receives higher installment loans from their bank. Installment loans are loans that customers repay in fixed amounts at precisely defined intervals.
On average, employees in the financial sector borrowed 17,120 euros last year. Close behind are employees in communication and information professions, who have received an average loan amount of just under 17,000 euros from their banks.
This is the result of figures from the online comparison portal Check24, which analyzed installment loans concluded in 2022. “The monthly income is most important to the banks. Because comparatively high salaries are paid in the finance and insurance industry, higher loan amounts can also be financed,” says Stefan Eckhardt, Managing Director for loans at Check24.
White-collar workers working in industry rank third. Employees from the manufacturing, mining and other industrial sectors received a median loan amount of 15,836 euros last year.
Farmers and foresters get the lowest amount of financing for consumer loans. You are in the ranking of the comparison portal in ninth and last place. Their banks lend them an average of €13,380, about 30 percent less than bankers and insurance employees.
In the penultimate place are employees in social professions. At EUR 13,544, employees in this sector only received a slightly higher loan amount than farmers.
Managers are bankers’ favorite
Check24 also compared the average loan amounts for installment loans according to professional status. According to this, employed managing directors, self-employed freelancers and self-employed tradespeople are the most popular customers of their banks. You receive an annual credit volume of more than 20,000 euros. The average amount that consumers across all professional groups borrow from their banks is 15,854 euros.
Those who earn little money borrow the least: Trainees and students are at the bottom of the credit rating of the online comparison portal with 3933 and 3735 euros respectively.
Bankers and insurance employees may earn well and have large amounts of credit approved by financial institutions – loans are still more expensive than before. According to FMH Finanzberatung, interest rates for installment loans have risen by more than two percentage points since last year. The average interest rate for consumer loans over a period of 36 months is currently 6.58 percent.
FMH also offers an online calculator that compares loan offers. With the cheapest provider, employees from the financial sector only have to pay EUR 17,299.26 for a loan of EUR 17,120 with a three-year fixed interest rate including interest.
However, this is a limited special offer for customers with the best credit rating. The annual percentage rate here is 0.68 percent, which corresponds to a monthly payment of 480.54 euros. For most offers, the interest rates are significantly higher.
For an installment loan from Postbank, for example, 501.60 euros are due per month. Here, people from the financial sector pay back a total of 19,057.56 euros for 17,120 euros. This price is about in the middle of the providers.
Employees in other sectors sometimes have to accept higher costs. Because these are also based on the monthly salary and creditworthiness of the customer.
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