The Volume of Payday Loan Has Doubled
The joint credit bureau together with the payday online loan company E Loan analyzed the Payday Loan market and calculated the amount of loans issued to the public. Compared to 2015, in 2016 it grew by 104%, from almost 9 billion rubles to more than 18 billion.
This study has undergone two loan products that are particularly popular. These are consumer loans issued to the borrower in cash in amounts up to 60 thousand rubles. Online loans and bank loans up to fifty thousand rubles, up to 24 months.
Both types of product showed significant growth. Bank loans grew by a third, compared with the growth of payday loans, which have more than doubled, this growth is clearly smaller, but still significant and shows the importance of such financial products. In the number of cash loans increased by a quarter from almost 7 million units per year to more than 8.5 million. The same trend in growth remained in the context of the average cost per loan. The average bank loan grew by 8% from almost 30 to 31.2 thousand rubles, while the average payday loan grew by 14% from almost 12 to 13.4.
Do not forget about caution!
Payday Loan is becoming more accessible, but in order to take a loan you need not to forget about caution. Together with the total amount of payday loans, the number of frauds by unscrupulous payday loans is growing. The BRR Bank each year deletes a number of companies from the register of Payday Loan. So, for example, in the beginning of February an organization emerged in the Kirov region, which issued a cash loan at 2379%. At the moment, the ABC Bank requested to submit documents from this company.
The client turned to the prosecutor’s office, after the application and consideration of the case, the BRR Bank joined. The woman was given a microloan for 20 days at 292% per annum. After some time, an additional agreement was signed, as a result of which the terms of the agreement changed. As a result, the interest rate has increased almost tenfold.
At the moment, the ABC Bank has conducted an initial audit of the organization. The payday loan is listed in the registry and conducts legal activities. The requested documents have not yet been received for further consideration.