Russian payday loans are dangerously in arrears

RUSSIA / FSU POLITICS - In Brief 01 Apr 2021 by Alex Teddy
On April 1 data released by Equifax showed that as of February 2021 some 5.4 million payday loans were behind. That is a huge number in a country of 145 million.USD 2.2 billion is owed to microfinance firms. These very short term loans have exorbitant rates of interest. A third of these loans are owed by people more than 3 months behind in repayments. That figure rose 2.2% in February 2021.Indebtedness has grown in the pandemic as people have turned to loans to offset falling incomes. Loans increased 10% in 2020. 12.5% of loans had to be restructured but that was mostly for SMEs. The banking sector is in admirable plight despite the loans risk.

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