More than a third of Russians (34%) refused consumer loans in 2024 due to high interest rates. This is evidenced by the results of a survey conducted by the financial market “Vyberu.ru”, a copy of which is available at “socialbites.ca”.
According to the survey, almost half of respondents (48%) have not considered taking out a new loan this year. At the same time, 34 percent of the participants cited the high interest rates set by banks as a reason. The other 14% stated that getting a loan was not important to them yet.
15% of respondents stated that high Central Bank interest rates were forcing them to borrow smaller amounts from credit institutions. At the same time, one in ten respondents said that after taking out a loan, they are now looking for the opportunity to refinance the loan at a lower interest rate.
In conditions where bank loan rates are high, 17% of respondents began to actively use credit cards, and 10% turned to microfinance institutions for installment plans.
“Today the regulator has set a course to cool the credit market and curb inflation. In such cases, some customers move between different loan products of banks and microfinance organizations, and lenders show the ability to adapt, focusing on attracting borrowers, “Vyberu.ru general director Yaroslav Bajurak comments on the situation.
Before that, the Bank of Russia had predicted that in the tight monetary policy environment, the growth rate of consumer loans would slow from a record level of 15.7% in 2023 to 3-8% in 2024.
Russians before saidHow to benefit from the loan.