It has become more difficult for young Russian borrowers to get microloans: for example, in 2022, lenders were ready to approve only 38% of the requested amount for new clients under the age of 30, and more than 55% in 2019, according to a study by the online alternative lending service Moneyman (included to the fintech group IDF Eurasia), which RIA Novosti has.
“In 2022, for new clients from this segment (clients under the age of 30 – ed.), at the first application, lenders, on average, were ready to approve only about 38% of the requested amount. In 2021 – 47%, in 2020 – 42%. At the same time, in 2019, the indicator exceeded 55%,” analysts found out after analyzing the segment of users of microfinance services under the age of 30.
It is added that this category of borrowers is increasingly interested in short-term payday PDL loans for up to 30 thousand rubles and for up to one month than medium-term loans for larger amounts. “If in 2019 the share of requests for PDL loans was 60%, by the end of 2022 it increased to 72%,” analysts noted.
At the same time, lenders in 2022 increasingly focused on the most solvent audience — older people. “Therefore, it has become more difficult for young people under 30 to earn a reputation in their eyes than in the relatively calm “pre-Covid” times and in the “recovery” year 2021,” analysts noted.
“A similar trend was observed in the pandemic 2020. The predominance of short-term loans in the structure of demand is explained by the fact that such clients more often needed funds for unplanned needs, and also by the fact that they are generally less inclined to long-term financial planning compared to older borrowers “, – concluded the CEO of Moneyman Sergey Vesovshchuk.