More than 45% of the population is involved in private loans, according to the National Agency for financial studies (NAFI). This figure is comparable with the coverage of Bank lending over the past 5 years. This behavior experts explain the high interest rates and reduced incomes. Loans remain unaffordable for the majority of our countrymen, and friends, you can borrow without interest and on the “soft” conditions. However, private loans — a bad trend. It often happens that in search of the missing money, people are turning not only to friends but get into the hands of fraudsters.
photo: Gennady Cherkasov
According to Rosstat, real disposable cash incomes in may 2016 at an annual rate decreased by 5.7%. And wages are not indexed, and inflation re-accelerates. The last one in June was 7.5% in annual terms, while in may was 7.3%.
It is not surprising that almost half of Russians (45%), given those who at least once took or gave in debt, involved in informal loans. It is reported by the analytical center of the NAFI. According to him, the borrowed money is 10%, giving a loan – 17% were involved in both – 18%.
At first glance nothing wrong with that. But there it was. According to experts, the Russians borrow from friends, because to obtain a Bank loan has become more difficult. Interest rates are high, the requirements for consumer lending rigid frame of payment is strictly regulated.
In addition, incomes are reduced and they simply can not meet earlier commitments. As a result of growing debt load among the population.
As the managing partner of Kirikov Group Daniil Kirikov: “Accurate statistics regarding the dynamics of informal loans in recent years in open source is not: a study of the analytical center NAFI was the first step in studying this issue. However, in the report there is mention of the fact that the growth in the volume of informal loans is associated with toughening of requirements of banks when granting consumer loans. This suggests that in the past year among the citizens using Bank loans, the rate could grow by approximately 20%. The prevalence of informal loans evidence in favor of the low culture of use of banking services inherent to the population, tells about the growing mistrust of Russians to microfinance and microcredit organizations, as well as the desire of citizens to stop the fall of the former consumption level. In Europe and North America, the practice of informal loans are prevalent mainly among the ethnic communities. Low interest rates on loans and a developed system of social security (acting as the element of insurance for the persons taking Bank loan), allow the majority of citizens of those States to do without informal loans”.
Financial Ombudsman Pavel Medvedev has noticed that the real data on the dynamics of involvement of citizens in private loans for previous years is not available. “I can only give my impressions. Judging by the letters that we have received, a significant portion of borrowers are just not able to pay debts. Not surprisingly, informal loans are so popular. The state has not developed effective measures of social programmes aimed at supporting vulnerable segments of the population. Even the recently adopted amendments to the Federal law “On insolvency (bankruptcy)” does not help. According to reports, 7.5 million of our citizens are not able to service their debts, thousands have applied to the Bank debt restructuring, the courts took statements only from 4.5 thousand”.
However, the deputies do not lose hope to liberate Russians from “credit bondage”. Thus, recently in the state Duma introduced a bill according to which the monetary obligation of a citizen on a single loan must not exceed the initial amount of three times. But rejoice too early, the number of debtors, this does not diminish because of restrictions on obtaining loans is not installed. People are simply going to take another loan to repay the loans taken earlier.
“The number of debtors, this initiative will not reduce because of restrictions in loan sets. If the borrower knows more than 200% it will not overcharge, he has an incentive not to repay the loan over the years, because then it turns out bet it is quite acceptable. For example, 200 % in 10 years — at the simple rate of 20% per annum. And you can take other loans in other places (if willing),” — says “MK” analyst GK TeleTrade mark in real.
No wonder that citizens increasingly began to refer not to the banks, and microfinance institutions (MFIs), where you can quickly and virtually without documentation to obtain a certain amount of money, even minor. But will have to overpay significantly more. The rates on such loans came more recently to 500-800% per annum.
It is no coincidence that since March 29, 2016, entered into force amendments for which the maximum amount of interest on the loan to the MFI cannot exceed the amount of the principal debt by more than 4 times. The bar plan to reduce to 2. However, as experts warn, such a measure will make the population more zakreditovannym and push to seek funds outside financial institutions. Where is the guarantee that citizens will not become victims of fraud?Related posts: