In Russia, the volume of cash loans decreased by 51%

In October, banks issued 1.68 million cash loans to Russians for RUB 274.39 billion. In annual terms, the number of loans decreased by 41%, the volume - by 51%, follows from the data of the United Credit Bureau (UCB), which were reviewed by Izvestia on November 15. Thus, in October 2023, 2.86 million loans for 559.57 billion rubles were issued.

At the same time, the average size of cash loans decreased by 17%: from Br196 thousand in October 2023 to Br163 thousand in October this year. This indicator has become the lowest in the segment over the past six years. The average loan term increased by one month, to 27 months (two years and three months).

A total of 26.98 million cash loans worth Br5.14 trillion were issued by Russians in banks at the end of 10 months. Compared to the same period last year, the number of issuance decreased by 1%, the volume - by 17%. Thus, from January to October 2023, 27.12 million cash loans for Br6.18 trillion were issued.

UCB also noted that the full cost of credit in the cash segment in October amounted to a record 30.22%.

"The dynamics of cash loan issuance is affected by several factors at once. First, it is the growing interest rates. Since only on cash loans it is possible to get the maximum approved limit, the growth of interest rates by 5-7 percentage points can mean an increase in the monthly payment by 10-30 thousand rubles. This significantly reduces the propensity of the population to lend in the current conditions," independent expert Andrei Barkhota told "Izvestia".

According to him, the second barrier is focused on deterring lenders. As he explained, macroprudential surcharges increase a bank's capital consumption in the process of working with borrowers who are overextended.

"As a result, the population reduces its requests for additional financing until better times," he added.

Earlier, on November 7, it was reported that according to the results of last month, the number of issued car loans decreased both for new passenger cars and used cars. This was reported by analysts of the agency "Autostat". Issuance of car loans decreased both in quantitative and monetary terms. In the case of new cars in comparison with September, their number decreased by 24%, and in rubles - by 29%.