The payday loan portfolio is growing year after year. The main reason for this is called payday loans online. So in 2014, an increase was recorded, compared with the previous year, by 23%, in 2015 the total amount of payday loans increased by 17%, and according to the forecast for 2016, an increase of 7% is expected – 10%. These data were published on their official website.
Every year the percentage decreases, but still it remains positive. Thus, it can be said that compared to 2013, in 2015, the microcredit portfolio increased by 40%, and the forecast for the current year reports an increase of half the portfolio, which was in 2013
The report identifies three main reasons that influenced the growth of the microcredit market. This is a reduction in the interest rate on loans, stricter conditions for taking a loan in the banking sector and an actively used online loan taking service.
Discount rate on payday loans
A payday loan has always been famous for the speed and convenience of receiving cash, and the reduced percentage turned out to be a good push. According to the Bank of Russia, the rate on the world credit market during 2015, in the sector of short-term loans up to 30 days, fell by 20 points. In the sector of loans in the amount of more than 30.000 rubles – by 26 points.
Outflow of clients from the banking sector
In addition, borrowers are more likely to refuse bank loans in favor of the Payday Loan. In early 2015, banks seriously revised their views on lending to individuals, as a result, they lost the lion’s share of borrowers.
Online payday loans service
A major role in the growth of the market was played by the online credit sector. The report of NAFI states that throughout 2015, the online loan division was constantly ahead of the rest of the microfinance market in terms of growth, two or more times. Similar growth is expected in 2016.
Tangible utility for the payday loan market this year will come from the expected state support in the Jur financing sector. individuals and individual entrepreneurs. Plus, the same will be an increase in the maximum loan amount to 3 million rubles. As a result, the forecast of growth in the legal sector. persons – about 2%.
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