After an annual analysis of the situation on the microfinance market, experts found out that last year a little more than 195 billion rubles were issued to the population in the form of payday loans. This is almost 40% more than in 2015. The number of Payday Loan clients grew by more than half – by 55% and their number exceeded 5 million. Borrowers signed 68% more microloan contracts, which is more than 19 million copies. If we consider 2016 itself, then it is obvious that in the second half of the year, the activity of consumer loans only increased. It is noteworthy that amid this growth in 2016, almost a third of organizations (1,100 companies) were removed from the Payday Loan registry. It is possible that the population feels more protected by observing how the BBT Bank “cleans” this segment, not allowing unscrupulous companies to operate in the market and protecting the interests of the consumer.
For comparison, in 2015, 512 companies were excluded from the register of Payday Loans, and their total number decreased by 12%. Such measures were taken (and continue to be taken) on the basis of violations of the law. At the same time, not all companies had to be removed from the list – many organizations closed themselves and ceased their activities in the microloan market. The statistics also contain opposite numbers – new companies appear in the register, and last year there were almost 700 of them.
The number of payday loans increased
But the average loan amount decreased by 1.4 thousand rubles, and last year it amounted to 9 thousand rubles. The average amount of the so-called “payday loans” decreased by 200 rubles and amounted to 6.4 thousand rubles. Online payday loans were also taken into account. Payday Loans began to trust legal entities more and the average loan issued to businesses grew by 167 thousand rubles to slightly more than 700 thousand rubles.
For the consumer, the conditions of payday loans improved in terms of interest rates – the average value of the PSC “loans to paycheck” for the market in 2016 decreased by 5.8 pp. This decline is especially noticeable when comparing the values from 2014, the decline was almost 52 p. p
24.1 billion rubles received a small business last year. In 2015, this figure was less by 7.8%.