Russian small loans soar

RUSSIA / FSU POLITICS - In Brief 08 May 2021 by Alex Teddy
On May 6 Equifax Russia published statistics showing that the highest ever number of payday loans was issued in March 2021. Microloans were up 30% YoY. The loans totalled USD 418.5 million. The average size of a loan was USD 180. That is a tidy sum in a country where many people live on USD 2 000 per annum.Cross sales have led to an increase in these loans as has a difficult economic situation. There are now 5.4 million loans that are overdue.USD 2.2 billion is owned to microfinance companies. Over a third of this is owed by people who are more than 90 days behind on repayments.Consumer debt is an average of USD 4 100 per person. The Russian Central Bank attributed rising personal debt to income compression.

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