In January-February 2024, the share of microloan applications from Russians in the amount of 50 thousand rubles amounted to 7.9% of the total number of requests. This is 1.9 times less than in January-February 2023 (14.8%). These statistics were provided to socialbites.ca by the press service of the online alternative lending service Moneyman.
Initially, the need for such volumes was largely due to the desire to finance targeted expensive expenses, for example, on various durable goods. Moneyman explained that citizens’ financial approach changed during the year: large loans began to be used to a greater extent to cover unplanned expenses and urgent needs.
This trend was also influenced by changes in the financial behavior of “banking profile” borrowers, whose flows into the microfinance sector have intensified since 2023. These are people who, for their own reasons, were rejected by banks and, as a result, borrowers showed increased interest in microfinance organizations.
“These customers are used to asking for large sums of money. However, the willingness of MFOs to meet their demands is constrained by the need to find an optimal balance between their own risks and interests and the restrictions of the Central Bank. Faced with this background, faced with rejections or reductions in approved limits, these borrowers reduce their “appetite”, reducing the requested amounts, said Moneyman CEO Alexander Pustovit.
The service performed the study in March 2024. January-February 2023-2024 data were compared. The analysis sample included over 100 thousand microloan requests received from all over Russia in each reporting period.
Previously “socialbites.ca” saidWhat should Russians do if they are denied a loan?