Inside the extremely half-year that is first of, the quantity of payday loan granted in Lithuania paid off by two thirds year on one year, whereas the quantity lent to customers halved. Credit lenders assessed customer solvency more responsibly. With regards to really time that is first history, credits overdue reduced in number.
Modifications are unmistakeable. Active guidance, stricter needs in connection with Law on Consumer Credits that arrived into force at the start of the and competition forced credit loan providers to fundamentally change their approach and assess customer solvency more cautiously 12 months. Each one of these alterations alleviate the overdue loan payment burden, that can mitigates the likelihood of severe social repercussions, stated Vitas Vasiliauskas, Chairman about the Board concerning the Bank of Lithuania.
Within the first half-year of 2016, the whole range brand new payday loan provided, set alongside the previous half-year, paid down by 68.7 per cent to 130 thousand; in identical duration, the particular volume of payday advances awarded paid off by half to EUR 65 million, its value that is cheapest since 2013.
Credit lenders examined customer solvency far more cautiously.Continue reading