Positive trends into the loan that is payday proceeded to the 3rd quarter of the 12 months: pay day loans that individuals are belated to settle had been dropping sharply in quantity. After a sharp decline in borrowing volumes at the start of the entire year, within the 2nd half-year they stay at comparable amounts.

‘The most present data confirms once again that the good trends observed at the start of the 12 months are not incidental. When you look at the third quarter of 2016, the amount of payday advances with a shorter readiness overdue had been the smallest amount of in 36 months, that also decreases the amount of repayments with an extended readiness overdue. The tightening of what the law states on Consumer Credit and permanent supervision that is active financing this is certainly significantly more accountable. The changing mindset of customer credit lenders plays a role in that since well,’ says Vytautas Valvonis, Director associated with Supervision provider during the Bank of Lithuania.

Within the nine months of the 12 months credit rating lenders awarded 192.0 thousand payday advances – nearly 3.5 times less when compared to period that is same 2015, whenever 670.2 thousand payday advances had been issued. The sum of the pay day loans provided reduced by over fifty percent – from EUR 206.0 to EUR 100.3 million. The amount of pay day loans overdue reduced considerably. At the conclusion of September, about 9.0 thousand credits had been overdue for approximately thirty days, that will be very nearly 40 percent less 12 months on 12 months (14.8 thousand). The amount of credits overdue for extended (30–60 times) dropped a lot more – by 50.3 % (from 9.7 to 4.8 thousand). Continue reading “Number of individuals belated to settle pay day loans continues to drop sharply”