The total portfolio of microloans is growing year after year, many studies show. But in the statistics for the first half of 2018, several unusual figures were made public, according to which, the conclusion suggests itself that the income of microloan users is also growing. A growth has been recorded in the number of Russians with an income of more than 40 thousand rubles, who periodically apply to Payday Loans.
For the first six months, almost 13 million microloans totaling more than 120 billion rubles were issued in Russia. This is 15% more than in the same period last year. And a year earlier, in the first six months of 2016, a little more than 8 million loans were taken in our country, totaling almost 80 billion rubles. On the face of a stable growth for several years.
If you try to predict the results of the year, you can safely double the numbers and add the pre-New Year’s turmoil. In this case, for the entire 2018, about 27 million microloan agreements with a total amount of 270 billion rubles can be signed. Such indicators will be absolutely record for all time of presence of Payday Loan in the market of crediting.
Borrowers Will Get Rich, How?
Payday Loan clients also grow rich with microloans. Official studies report that the average borrower’s income this year was 34,000 rubles. For comparison, in 2013, the average Payday Loan client received 28 thousand rubles. But, nevertheless, the main share of borrowers has a salary of less than 30 thousand rubles. The overall figure has increased because it was precisely this year that the number of borrowers who have an income of more than 40 thousand rubles has increased dramatically. Judge for yourself: there are one and a half times more clients with income from 70 to 100 thousand rubles, and those who earn more than 100 rubles a month and take microloans are 2.5 times more.
It is noteworthy, but “new clients of Payday Loans” (those that have a monthly salary of more than 40 thousand rubles) have the same incentives to take a microloan as the rest. Many of them have a bad credit history. Almost every tenth made a delay, and every fifth has immediately applied to the Payday Loan because he knows that he will not receive a bank loan. About 12% were denied a loan from a bank due to a lack of credit history. And another 10% did not close the previous loans and credits and therefore could not take a loan from the bank and decided to apply to the Payday Loan.
A microloan contract some people make out not because of a sharp need for money, but to improve their financial situation. Many people know that a damaged credit history can be improved by taking one or several small loans. According to statistics, about 5% of Payday Loan clients take a loan to improve their credit history.
Such figures confirm that not only people with a small salary, who needed 3,000 – 7,000 rubles to pay, but also citizens with average incomes and higher, have long been using microloans. The overall demand is growing, the amount of loans is growing, the incomes of Payday Loan clients are growing, all this indicates that the microfinance market is tightly taking its place in the credit market.