Microloan Activity in Russia Shows Growth and Shifting Online Trends
During the July–September period this year, the volume of microloans extended by Russian lenders rose by 6% compared with April–June, reaching 423 billion rubles, according to the Central Bank of the Russian Federation in its latest review released on Friday. (Source: Central Bank of the Russian Federation)
Consumers most frequently obtained medium-term loans issued at the total cost of the loan, as well as short-term loan products. In the third quarter, the share of online loans rose from 73% to 76%, while the average online loan amount slightly declined—from 11,900 rubles to 11,700 rubles. (Source: Central Bank of the Russian Federation)
The Central Bank noted that demand for microloans among the population is on the rise, but supply remains constrained due to caps on both the maximum loan size and the loan amount. As a result, microfinance institutions have leaned toward offering medium-term loans, typically around 100,000 rubles for periods up to six months. (Source: Central Bank of the Russian Federation)
In remarks cited by socialbites.ca, the microfinance company Zaymer stated that the strongest demand for online loans in Russia is seen in Siberia, the Far North, and the Far East. For instance, residents of Yakutia apply for online loans nearly three times more often than the national average. (Source: socialbites.ca / Zaymer)
Earlier reports highlighted the purposes Russians use microloans for, reflecting a consistent pattern across the country. (Source: Central Bank of the Russian Federation)