Debt on microloans has increased by 56% since the beginning of the year
The number of microloans remains almost the same, but the loan amounts are growing
27 September 2024
As of July 1, 2024, Ukrainians owe more than 14.5 billion UAH to microfinance organizations (MFOs). Since the beginning of the year, the debt has increased by 5.23 billion UAH. The average microloan amount has grown 1.4 times compared to last year, reaching 6,776 UAH.
A total of 3,945,098 loan agreements, worth 26.7 billion UAH, were signed in the first half of 2024. The number of agreements increased by only 1.5% compared to the same period in 2023.
It’s worth noting that 96% of microloans this year have been taken out online.
This year, 657,000 microloan agreements are signed monthly. In comparison, in 2021, this figure was 1.2 million per month, which is 1.8 times higher.
The average loan amount has increased 1.4 times compared to last year, reaching 6,776 UAH.
In the first quarter, Ukrainians borrowed an average of 6,875 UAH from MFOs, but in the second quarter, the loan amount decreased.
62% of loans are issued for a period of 3 months to a year. Short-term loans, lasting up to a month, account for only 17% of loans. Meanwhile, 8% of microloans are taken for more than 3 years.
| up to 31 days | 677,178 | 17.1% |
|---|---|---|
| 32 to 92 days | 476,172 | 12.1% |
| 93 days to 1 year | 2,443,417 | 61.9% |
| 1 to 2 years | 34,572 | 0.9% |
| 2 to 3 years | 428 | 0.0% |
| more than 3 years | 317,913 | 8.0% |
Ukrainians owe 14.53 billion UAH to microfinance organizations (MFOs) this year. Since the beginning of the year, the debt has increased by 5.23 billion UAH.
The total debt volume has risen by 1.5 times over six months. It is worth noting that during the first year of the full-scale invasion, the debt to MFOs decreased by 4 billion UAH. However, starting in 2023, the debt began to grow again.
More than half of the new debt—66% or 3.4 billion UAH—accumulated between April and June 2024.
Source: Opendatabot
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