More than a third of Russians (34%) declined consumer loans in 2024 because of elevated interest rates. This finding comes from a survey carried out by the financial analytics platform Vyberu.ru, a copy of which is available at socialbites.ca.
The survey reveals that nearly half of respondents (48%) did not even consider taking out a new loan this year. Of those, 34% cited banks’ high interest rates as the primary reason, while the remaining 14% said borrowing simply wasn’t a priority at the moment.
Fifteen percent of participants said the high rates set by the Central Bank pushed them to borrow smaller amounts from lenders. Meanwhile, about one in ten respondents indicated they were now exploring the possibility of refinancing an existing loan to secure a lower rate.
When bank loan rates rise, a portion of consumers turns to alternative forms of credit. In this survey, 17% began actively using credit cards, and 10% turned to microfinance institutions for installment plans.
Officials note that regulators are aiming to cool the credit market and curb inflation. In such a setting, borrowers may move among different loan products offered by banks and microfinance organizations, with lenders adapting to attract new borrowers, according to Vyberu.ru’s general director Yaroslav Bajurak.
Previously, the Bank of Russia projected that in a tight monetary policy environment, consumer loan growth would slow from a record 15.7% in 2023 to about 3–8% in 2024. This forecast underscores the shift in borrowing behavior reported in the survey.
Russians are weighing how to maximize access to credit while managing higher costs, a trend that reflects broader cautiousness in personal finances amid ongoing rate volatility.