Russians stopped paying attention to interest rates on microloans. 25% of Russians surveyed in 2024 choose a microfinance institution based on the loan rate: those with a lower rate are preferred. In five years, the share of such citizens has fallen more than three times. This follows from a survey conducted by Summit International Financial Corporation (DobroZaym), the results of which were received by socialbites.ca editors.
According to the company, by 2019, up to 80% of borrowers noted the importance of credit ratio; In 2020-2023, this rate is more than 50%.
“The observed changes coincide with significant regulatory changes, in particular regarding a gradual decrease in the maximum daily interest rate and “X”, the total amount of overpayment on the loan, including fines and other charges in case of delay. ”The company’s analysts stated. Starting from July 1, 2023, the marginal rate of microloans decreased from 1% to 0.8% per day. It follows that from now on the total cost of a loan can no longer exceed 292% per annum, although previously its maximum amount was 365%.
In 2024, the largest share of respondents (59%) pay attention to the “reliability” of the lender when choosing an MFO A company that has used one or more loans before is preferred . 51% – the speed of approval and crediting of money, 46% – the possibility and ease of early repayment of the loan, 34% – the ease of the payment plan. Length of loan term is important for 23% of survey respondents Microfinance institutions that provide longer-term loans are preferred For 19% – the amount of the approved amount Microfinance institutions offering large amounts are preferred
As the company’s analysts note, the presence of remote channels for obtaining loans is no longer important for borrowers (less than 5% of respondents named them), whereas two or three years ago their share reached half of the survey respondents. This may indicate that Russians now perceive online services as a given, experts added.
In March 2024, the company conducted a survey among 1,500 respondents across Russia.
Previously “socialbites.ca” saidIt was stated that Russians’ loan demand for loan repayment reached the lowest level in the last four years.
What are you thinking?
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.