Credit History Bureau: People Over 60 Take Out Fewer Loans

UrBC, Moscow, September 22, 2017. The number of new loans taken out by borrowers over 60 years old has gone down by 7% this year, even though the overall loan amount rose by 26%, United Credit History Bureau’s press service reports.

1.71m loans were issued to loan applicants in the 60+ age group in 2017, with overall loan amount at RUR 142.31bn; a year earlier, the figures were 1.85m and RUR 112.79bn, respectively.

The increase in both the number and the amount of new loans was most noticeable in the secured loan segment: the number of new car loans rose by 48%, with overall amount up by 59%. 10,680 car loans were issued in the seven months of 2017 (overall amount: RUR 6.14bn) compared with 7,240 loans a year earlier (overall amount: RUR 3.85bn). The average car loan amount rose by RUR 532,000 to RUR 575,000.

As for mortgage loans, the increase in number was 29%, that in amount was 42%. Borrowers over 60 years old received 8,550 mortgage loans this year (overall amount: RUR 11.44bn), compared with 6,630 loans a year earlier (overall amount: RUR 8.08bn). The average loan amount went up from RUR 1.22m to RUR 1.34m.


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