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With low spending declining, customers began to make larger purchases and improve their homes – 27% of all consumer loans were taken with the aim of buying a car, which is 4% more than in 2019, and 5.6% – for home improvement.
In 2020, the demand for financing without a defined goal decreased. The number of customers who are interested in their borrowing opportunities when finding out their credit rating has decreased – a significant decrease of 5% compared to 2019. Also, customers are less satisfied with the credit limit – a reduction of 4%.
In December, we observed that at the very end of the year, customers actively paid overdue credit card payments and consumer loan balances.
“As day-to-day spending decreases, the ability to cover existing liabilities and assess the purpose of future credit commitments naturally increases. However, as the flow of people in stores and catering establishments resumes, we can also expect a greater need to use credit card credit limits,” explains Vladislav Mironov.
2020 also marked a more active use of digital channels. Seven out of ten loan applications were received remotely – on a website or in a mobile app, which is 10% more than in 2019, and 70% of all loan agreements were concluded remotely, increasing by 13% per year.
“We see that even now the residents continue to implement their plans, but they are doing so cautiously. After easing the restrictions, we expect an increase in the demand for car purchase, home repair and improvement,” Mironov adds.
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