Photo: Artyom Geodakyan / TASS
The Russians in the first half of 2019 scored cash loans without collateral on a quarter more than in the same period last year. About this newspaper “Izvestia”, citing data from research United credit Bureau.
The segment of cash loans is growing twice as fast as the market. The total amount of loans reached 2.2 trillion vs 1.8 trillion a year earlier. The average size of consumer credits has increased from 249 thousand to 269 thousand rubles.
Large Russian banks in the growth of demand for such credits attributed to the fact that they are quickly and easily processed and provide an opportunity to meet the needs of the “here and now”. Cash loans, in particular, is taken for purchase of household goods to travel, to buy a car or repair.
Credit boom in Russia is observed on the background of weak economic growth. Through loans the Russians are trying to maintain their desired standard of living, says analyst CC “Finam” Alexey Korenev.
Leap of cash loans happening amid almost record levels of debt load of Russians to banks, which in 2014 has increased 1.5 times. For example, 75 per cent of the economically active population has loans and its repayment takes an average of 11 wages.
The situation on the consumer credit market has previously been the subject of discussions between the Central Bank and Ministry of economic development. The regulator has published a report according to which in the first quarter of 2019, the Russian economy grew by 0.5 percent in annual terms, and the main reason for this is the increase in the number of consumer and car loans.
Meanwhile, the head of the Ministry Maxim Oreshkin said that without restrictions on the payment to income on the market “inflated bubble”. As a result, Russia may face social and economic consequences already in 2021.
Video, photo All from Russia.