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Tuesday 17.01.2017 | Name days: Tenis, Dravis
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Nearly one-third of fast loans are extended three or more times

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULast year, a trend was noted in Latvia’s non-bank crediting market for new loans to decline in number. There was also an increase in the number of loans with payment delays of up to 90 days. This means more active loan service provision in the second half-year of 2014 served to worsen the repayment quality of newly issued loans.

48.1% of current loan contracts were extended in 2014. 29.7% of them were extended three or more times, according to the latest report on non-bank loan sector’s activity in 2014.

In December 2014, there were 56 licensed non-bank consumer loan providers in Latvia. Loan services over long distances were provided by 18 associations, consumer credits were provided by 17 associations, loans in exchange for pledges were provided by 20 associations, mortgage loans were provided by 12 associations and 13 customer loan service providers offered leasing and other transport-related loans, according to information form Consumer Rights Protection Centre.

The loan portfolio of non-bank loan service providers had increased by 16.09% in comparison with 2013. In comparison with 2013, the loan portfolio of consumer loans continued to rise (by 29.21% or EUR 16.87 million), reaching EUR 74.62 million in 2014. The quality of loans in the non-bank loan service providers’ portfolio continued to improve, with the total volume of delayed payments declining down to 17.86% at the end of December 2014. The proportion of delayed loan payments has declined in all consumer groups. For example, the proportion of loan payments delayed by more than 90 days has decreased from 9.45% in December 2013 to 9.39% in December 2014, which can be explained with both stricter requirements for the evaluation of potential clients and loan service providers’ actions in regard to the write-off of delayed loan contracts.

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