Russians Repay Debts to Microfinance Organizations Ahead Schedule

In October 2020, compared to the beginning of the pandemic, Russians began to return more microloans ahead of schedule, according to a study conducted by the IDF Eurasia online lending service, PRIME reports. In March 2020, the share of such loans was 8.5 per cent, while in October of this year it increased to 12 per cent. 

It is specified that most often, Russians aged 30-40 years old partially or completely repaid their financial obligations ahead of schedule (38 per cent of borrowers). The share of borrowers aged 20-30 who decided to repay their debts before the agreed date was 31 per cent. About 22 per cent borrowers are in the 40-50 age group, and another 9 per cent are over 50.

It is noted that during the pandemic, borrowers of microfinance organizations have become less likely to go into delinquency, so the share of loans on which repayment was delayed within 3 days decreased from 22 per cent in March to 19 per cent in October 2020. At the same time, in October, the average period for which microloans were requested increased from 25 days in March to the maximum possible 28 days.

Ru-Main, 13.11.2020 

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