The lender of Russia will continue to evaluate the way the amendments to regulations effective since 2019 have been influencing the microfinance market january. Pay day loans are the absolute most high priced group of borrowings. The attention price on such loans equalled 1.5percent per at the end of January, and since July it has decreased to 1% per time day.
A reduced day-to-day rate of interest on pay day loans is among the many most significant facet of the regulation that is new.
An information and analytical commentary prepared by the Bank of Russia’s Microfinance Market Department as a result of the implemented limitations, payday lenders’ proceeds reduced by 7% over 2019 H1, according to the 2019 Q2 Microfinance Market Trends.