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Consumer loans in Russia grew in number by one third in 2021
Last December alone, 1.76 million consumer loans were issued to the population, which is 22% more compared to December 2020 (1.44 million), according to the information of Creditistory, a smart service for selection of financial services launched by the United Credit Bureau (UCB).
Among the 30 regions where citizens received the largest number of cash loans in 2021, the most significant growth in lending compared to 2020 was reported in Moscow and the Moscow Region (by 38%), the Tyumen Region (38%), the Republic of Tatarstan (39%) and Irkutsk Region (40%). The smallest growth was shown in Udmurtia, Samara and Omsk Regions, as well as in the Altai Territory (by 28% each).
“The number of borrowers taking loans in cash has doubled since 2016 against the backdrop of a decline in real disposable incomes of the population,” says Artur Aleksandrovich, CEO, United Credit Bureau (Credistories). “In 2021, the growth - by one third at once - in the number of loans issued was also driven by the relatively low indicators of 2020 resulted from the decline in lending during the first wave of coronavirus.”
Recall that UCB is included in the State Register of Credit History Bureaus under number No. 077-00009-002 and operates in collaboration with the Central Catalogue of Credit Histories. The company stores data of approximately 97% of bank borrowers.