When you look at the half-year that is first of, the quantity of pay day loans issued in Lithuania reduced by two thirds 12 months on 12 months, whereas the quantity lent to customers halved. Credit lenders assessed customer solvency more responsibly. When it comes to very first time in history, credits overdue reduced in number.
вЂChanges are obvious. Active supervision, stricter needs regarding the Law on Consumer Credits that arrived into force at the start of the 12 months, and competition forced credit loan providers to basically alter their approach and evaluate customer solvency more cautiously. All critical link those modifications alleviate the loan that is overdue burden, that also mitigates the possibility of severe social repercussions,’ said Vitas Vasiliauskas, Chairman for the Board of this Bank of Lithuania.
In the 1st half-year of 2016, the general amount of new pay day loans issued, when compared to past half-year, paid off by 68.7 % — to 130 thousand; in identical duration, the quantity of payday advances given reduced by half — to EUR 65 million, its cheapest value since 2013.
Credit rating lenders examined customer solvency significantly more cautiously.