The microloan portfolio expanded by 13% from the beginning of 2024, amounting to ₽62.6 billion. Demand for microloans remained stable: in the first half of 2024, pawnshops concluded slightly more than 4 million contracts on average per quarter. The average microloan amount increased by 8% compared with the previous period and exceeded ₽17,000. Such dynamics were associated with a rise in the value of collateral, which was mainly represented by gold items.
According to the Bank of Russia’s survey, pawnshops mention three main factors determining demand for their services: household incomes, financial inclusion, and household debt burden.
More details are available in the publication Pawnshop Market Trends.
Preview photo: LanKS / Shutterstock / Fotodom