How loans of Ukrainians in microloan companies have changed in a year.
23 December 2020
Ukrainians owe about UAH 15 billion to microloan financial institutions. In general, debt on microloans increased by 7% in 2020 and by 31% in 2019.
Every month, Ukrainians take on about 960 thousand microloans.
|The amount of debt on loans, billion UAH||10.58||13.87||14.79|
In 2019, the microloan market grew by 50%. This year, Q1 saw an increase of 82% which fell to 17% after the start of the quarantine. In Q3 2020, the market returned to 2019 figures. The average loan amount increased by 5%, i.e., to UAH 3,893.
Amendments to the law on lending will come into force on January 1, which will affect the sphere of microloan financial institutions. In particular, the amount of fines and penalties cannot be more than two amounts received by a person, if the loan is more than one minimum wage (UAH 6,000 from January 1, 2021). However, the rule does not apply to smaller loans. A general provision for the amount of fines and penalties not to exceed 50% of the loan applies as before. Market participants believe that these changes will not significantly affect the situation.
«We are not going to impose new restrictions on our customers due to the legislative amendments. We will be ready to lend to entrepreneurs in the amount of UAH 5,000 to 150,000 as we did before»,
— Biznes Pozyka MFI says.
BystroZaim, CCloan, MisterCash, Hroshi Vsim, and Microcredit representatives voiced the same position of Opendatabot.
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