There are many reasons why the quick loans in Bulgaria became so popular in the last decade. Probably, the main of them is the easy and fast way of receiving the desired amount compared to the slowly and difficult loan approval process in bank institutions, which may last for weeks.

Yet, a recent research carried out by reveals top 13 reasons why Bulgarians take quick loans. It is conducted in summer 2019 and covers a period of the last 12 months. Here are the main reasons that the loan-takers determined:

  • The biggest reason in Bulgaria for taking a quick loan is to buy a TV or furniture. 40% of people belongto this group.
  • 23% of Bulgarians take a quick loan to make home repairand improvement in their apartments.
  • 20% of loan-takers get a quick loan to meet their daily needs, such as buying food, etc.
  • 16% of people already have financial difficulties with paying their current loans and take a quick loan to pay off the other loans.
  • 13% of people take a quick loan when they have to urgently repair their household appliances and equipment.
  • 12% of people take a quick loan with the goal to pay for their treatment and to improve their health.
  • It is interesting to note that only 10% of Bulgarians would take a quick loan to go to a holiday and the same percent of people take such loans to pay for the bills.
  • Less than 10% (about 8%) would take a loan to celebrate a special occasion with friends and relatives, such as a wedding, birthday, etc.
  • 4% of people will spend the money from the quick loan to buy everyday necessities, like clothes, shoes, etc.
  • 3 percent of people would take a quick loan to pay their taxes, other 3 percent would buy for these money gifts to a special person and the last group of 3% would pay for the education of their children.
  • Only 5% reply that they would spend this money for other reasons not mentioned above.