Russians mostly apply for payday microloans for a period of 22-29 days. They constitute 34.1% of relevant applications from citizens. These statistics were provided to socialbites.ca by the press service of the online alternative lending service Moneyman.
Almost a third (26.3%) of loans are requested for a period of 15-21 days. For a month – 19.4%. For a period of 8-14 days – 12.7%. Loans with maturity up to 7 days inclusive constitute 7.5% of the total number of applications.
The press service explained that citizens use loans from 15 days to a month for large purchases or unplanned expenses. These may be apartment or car repairs, purchases of household appliances and electronics, travel, medical expenses, business needs of individual entrepreneurs or freelancers. Loans with a duration not exceeding 14 days are mostly granted to cover daily expenses and maintain the usual standard of living until the next paycheck.
“Short-term loans are often used in case of unexpected expenses that people cannot always fully cover with their existing budget. That is why the bulk of loans are issued for these purposes,” commented the service’s press service.
In December 2023, Moneyman analyzed the relationship between the purposes of microloans and the conditions under which they are requested. For this purpose, the most popular segment of short-term PDL payday loans was selected – these are loans of up to 30 thousand rubles for a period of up to one month.
Russians showed Demand for microloans increased in July-September.