Russian small loans soar

RUSSIA / FSU POLITICS - In Brief 08 May 2021 by Alex Teddy
On May 6 Equifax Russia published statistics showing that the highest ever number of payday loans was issued in March 2021. Microloans were up 30% YoY. The loans totalled USD 418.5 million. The average size of a loan was USD 180. That is a tidy sum in a country where many people live on USD 2 000 per annum.Cross sales have led to an increase in these loans as has a difficult economic situation. There are now 5.4 million loans that are overdue.USD 2.2 billion is owned to microfinance companies. Over a third of this is owed by people who are more than 90 days behind on repayments.Consumer debt is an average of USD 4 100 per person. The Russian Central Bank attributed rising personal debt to income compression.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this or its contents.