Euro Sign in Frankfurt (by Stephan Rückert)Euro Sign in Frankfurt, Willy Brandt Platz (by Stephan Rückert)

In 2023, the average amount borrowed through installment loans in the 20 largest German cities decreased by nine percent compared to the previous year, Check24 said in Munich. The largest decreases were observed in Bielefeld, Wuppertal, and Bochum. Munich residents take out loans 14 percent more frequently than the national average, with loan amounts averaging €5,079 higher than in Leipzig. The decrease in loan amounts is attributed to increased financing costs for consumer loans due to ECB interest rate hikes. Despite this, consumer loans remain the most affordable option for borrowing money.

By Lisa Luckas

Lisa Luckas is a Sr. Business News Editor at Nobot.News.

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