At least every fourth resident of Latvia — 28% — has used a consumer loan in the last five years, reports a local bank, citing a conducted survey.
At the same time, 17% took out consumer loans multiple times.
At the same time, about a third of them do not compare offers from several banks or lenders before borrowing, potentially overpaying, according to survey data.
According to the survey, residents of Latvia most often use consumer loans for home repairs, purchasing vehicles, and covering health expenses.
Most often, consumer loans in Latvia have a repayment term of five years. The bank notes that the greatest difference in the cost of a consumer loan is formed by the interest rate — even a few tenths of a percent can create a significant difference over a five-year period. For example, with a loan of 5000 euros, the difference in interest rates between 7.5% and 15.9% in offers from different companies amounts to over 1260 euros.
The survey in Latvia was conducted in October 2025, with a total of 1013 respondents aged 18 to 74 surveyed online.
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