Pensioners in Russia have shown increased demand for lending services this year, borrowing 42% more than in 2017.
Over the past 10 months, people of advanced age have received approval for loans totaling RUR 403.3 bln ($6 bln), according to the United Credit Bureau. Over the past year, 3.5 mio more Russian retirees began using lending services. In percentage terms, this means a growth of 11%. Banks more often approve loans to pensioners than to young people today. A pensioner applying for a loan gets approval in 68.7% of cases; a younger borrower, in 47.6%. Banks probably believe that pensioners at least have a small but stable income, Izvestia daily writes.
Most often, retirees apply for consumer loans, which account for 73.1% of the total. Mortgage is less popular, accounting for 2.4%. On average, pensioners borrow RUR 103,000 ($1,530). Their car loans rarely exceed RUR 618,900 ($9,190), and mortgage, RUR 950,400 ($14,110). This is one of the smallest figures among all groups of the population.
In January-October 2017, older people borrowed a total of RUR 282.2 bln ($4.2 bln). Young people were much more active: their credit amounted to RUR 6.4 trln ($95 bln), due to a rise in the number of mortgage loans. Young people are mostly active in this market.