Ukrainians have increased the pace of taking out microloans: more than 650,000 deals are concluded every month
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This year, Ukrainians take out more than 650,000 microloans every month, which is almost 1.5 times more than every month in 2022, but still 1.8 times less than the corresponding period of 2021.
This is reported by Opendatabot.
In the first half of 2023, 3.9 million microloans were issued in the amount of UAH 18.4 billion. For comparison, for the whole of 2022, Ukrainians took out 5.4 million microloans from MFIs for a total of UAH 23.9 billion. In 2021, 14.2 million loans for over UAH 65 billion.
Analysts note that the number of issued loans increases every quarter. Thus, for the II quarter (April-June) the growth was 7%. In comparison with the I quarter of the current year, when the increase was 18%, the pace has somewhat slowed down.
The average loan amount slightly decreased in the second quarter: by 7% – from UAH 4,931 to UAH 4,564. For comparison, last year in the II quarter the average amount was UAH 3,810, and in the II quarter of 2021 – UAH 4,468.
As for debts, Ukrainians currently owe UAH 8.9 billion to MFIs. This is 1.7 times less than the debt as of July 1, 2021, when it amounted to UAH 14.9 billion, and 22% less than the amount of debt at the end of the first half of 2022 (11.4 billion UAH).
Moreover, unlike in 2022, loan arrears continue to grow: +1.4% for the quarter. But compared to the period before the beginning of this year, when the growth for the quarter reached 9.4%, the growth of debts decreased somewhat.
Since the beginning of the full-scale war, the number of registered financial companies has decreased by a third: from 935 to 629 as of July of this year.
We remind you:
People’s Deputies initiated a draft law that significantly limits interest rates on loans issued by microfinance organizations.
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