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Although it may seem that at present, fast loans are being taken by many people in Latvia, the study found that people are borrowing almost half less than during the crisis. Most consumer loans are still issued by banks, while the rest are non-bank lenders.
RISEBA, an badociation of non-bank lenders and the audit firm Ernst & Young, aimed to compare consumer loans issued by banks and those issued by so-called fast loaners. It badyzes data collected by the Central Bureau of Statistics, the Bank of Latvia and other institutions, as well as verified payments, ie consumer credit applications, and then the costs. actual loans offered.
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Ilmārs Kreituss
author of the study
At present, the impression is that people are busy borrowing a lot. But the study showed that in 2017 people continue to borrow much less for consumption than in 2008, about 60% of the time of the crisis is in 2008,
compared in the other Baltic countries the average consumer credit portfolio in Latvia is medium. Kreituss explains: "If we talk about the Baltic States, we are in the middle between Estonia and Lithuania, but in comparison with other countries, we borrow less. Per capita income and net income take us relatively little. "
Interest rates should be higher for fast lenders than for banks, but they are also more clearly indicated, for example, by annual interest rates on loans. 19659009] Gints Āboltiņš
Head of the Latvian Alternative Financial Services Association
The quality indicators are comparable, the banking sector may have a bit to do with the quality of the loans, how they are returned, and how to be eventually written off, higher, but overall look – they are similar .. In terms of volume, the banking sector is larger, more than 60% in the banking sector and 30% in the non-banking sector.
In the center consumer protection, TV3 however pointed out that the comparison of banking and non-banking services in the absence of certain factors that have a significant effect on the actual cost of loans to their borrowers. 19659009] Sanita Gertmane
Spokesperson of the Consumer Protection Center
