Today, it is no secret to anyone that a payday loan can be obtained much easier than a bank loan. Payday Loans request fewer documents to conclude an agreement, and the requirements for the borrower’s financial situation are much lower. One of the Credit Histories Bureau conducted a study, the result of which confirmed this information.
According to the study
People with overdue loans are also actively credited, as are borrowers with a good credit history. Only 15% of Russians, in whose credit history, there are marks of delinquencies, receive a loan from a bank, the remaining 85% receive microloans from Payday Loans.
Statistics reports that in the first quarter of this year, more than 2.5 million payday loans were issued. Last year, over the same period, it was issued 18% less. Also increased the total amount of issue and the average check.
Credit awareness for Payday Loans
The index of credit awareness for Payday Loans is gradually approaching post-crisis indicators (at the moment it is 0.8 percentage points).
Experts believe that the expansion of the microfinance market is not only due to the fact that the Payday Loan issues microloans to almost everyone, but due to a number of other reasons. The growth trend has been noticed for several years. Together with the constant increase in the portfolio, the reliability of the Payday Loans increases, the conditions and quality of the services provided in general improve. In addition, microcredit companies do not cease to expand product lines.
Denied a loan over and over again?
Therefore, if you have difficulties with banks and you are denied a loan over and over again – take a payday loan. If you need a small amount, you only need a passport for registration of the contract, and the money can be received on the same day. And if you use the services of the same company, then the next receipt of money will be faster, and the amount of the possible loan will grow. At the same time, most companies reduce the percentage of payday loans and, as a rule, significantly.