The fastest growing segment in the microfinance market in 2023 was the installment (Instalment) medium-term loans category. This is evidenced by data analyzed by the financial market “Vyberu.ru”; a copy is at the service of the editorial office “socialbites.ca”.
Online demand for such loans increased by 36% during the year compared to 2022. Most often, women aged 27-55 are interested in solving household needs, purchasing equipment and refinancing debt. The average monthly amount requested in the installment category ranged from 19 to 24 thousand rubles throughout the year.
“Macroprudential limits introduced by the Bank of Russia force MFOs to refuse loans to some customers with debt burdens above 80% or even 50%. Adapting to the needs of a more creditworthy target audience, MFOs are developing a product closer to traditional consumer credit,” commented Yaroslav Bajurak, general director of the financial market Vyberu.ru.
At the beginning of the year, the Central Bank will tighten Limitations on granting consumer credit.
Earlier Russians were becoming more frequent To sue due to small debts.