The total number of loans issued in August 2022 by microfinance institutions amounted to 2.85 million. This was reported to RT in the press service of the National Bureau of Credit Histories (NBKI).
It is noted that compared to the same period last year, the number of loans from microfinance organizations (MFIs) increased by 5.6%.
According to NBKI Marketing Director Alexei Volkov, after five months of constant reduction in May-August, an increase in the issuance of loans is recorded.
“The April recession was fully won back, and the issuance of loans reached last year’s levels. Similar processes are observed with bank loans, where the issuance in May-August also showed some growth. This is largely due to deferred demand from borrowers. In addition, the Bank of Russia continues to actively reduce the key rate, which reduces the cost of loans and borrowings,” the expert explained.
In turn, the average size of an MFO loan in August amounted to 11.5 thousand rubles.
Earlier, Andrey Ryabokon, a St. Petersburg deputy, suggested banning advertising of microfinance activities in Russia.
He noted that often Russians do not calculate their financial capabilities, succumbing to marketing tricks on the part of microfinance credit organizations.
Rospotrebnadzor published recommendations on choosing an MFI, advising to avoid organizations that offer to issue loans in a very short time.
The department indicated the need to check MFIs in the state register on the website of the Bank of Russia or in a special electronic directory.
In addition, experts stressed that the law prohibits the issuance of microloans secured by housing.