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Saturday 18.11.2017 | Name days: Doloresa, Aleksandrs
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Number of delayed payments of fast loans is impressive

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAmounts of money borrowed in the form of fast loans have declined significantly over the past year, with fast loan companies having to provide fewer loans than it was previously possible.

According to information from the Consumer Rights Protection Centre, the volume of fast loans has declined down to EUR 68.19 million compared to the first half year of 2013, as reported by De Facto programme of LTV.

Ever since the government added significant changes to the fast loans industry, the situation has changed. However, problems still exist.

Data compiled by CRPC shows that only half of all loans are maintained without extension (charged separately) and one-third of loans are extended multiple times. Loan repayment is usually extended by customers who use fast loan services for the first time. The payment extensions to loans that are mostly issued to new clients exceed the total number of loans issued to new customers. This demonstrates that extension of such loans is a common practice.

The programme also reports that customers are provided with smaller loan amounts on average. It is most likely because regulations demand more thorough assessments of consumers’ ability to pay back loans. This is why some of them are not provided with fast loan services.

The number of recently issued loans has reduced as well – the proportion of payments with payment delays up to 90 days has reduced from 13% in 2013 to 9.5% in 2014. Nevertheless, the total loan portfolio remains impressive: it has increased up to 37.1%.

Ref: 102.109.109.3764


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