According to information from analysts of the MiR organization, in the first three quarters of last year, the volume of microloans taken by Russians increased by 18%. In total, the debt on microloans in Russia is 348.1 billion rubles.
The number of clients of microfinance organizations increased by 2.7 million people in January–September 2023. This is due to less stringent requirements for the borrower’s solvency on the part of microfinance representatives in comparison with banks, writes news agency RuNews24.ru.
Vladimir Viktorovich Klimanov, director of the Center for Regional Policy at RANEPA, noted that in the presence of high interest rates in banks, the need for financial resources can only be satisfied through alternative options. He added that the conditions for microloans may be even more favorable than lending from commercial banks. Recently, requirements for borrowers from banks have become more stringent due to instructions from the Central Bank. Therefore, Russians are turning to alternative offers, including microfinance organizations. However, more detailed information is required to fully understand the changing dynamics of this situation.
Klimanov also noted that the financial literacy of Russians has increased significantly, but the need of citizens for additional financial resources is obvious. Citizens prefer market conditions because they seem more affordable. He admitted that there are great risks when working with microfinance organizations, but first of all, people who cannot confirm their solvency and do not have the opportunity to obtain large financial instruments turn to them.
Source: Rosbalt
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