UrBC, Yekaterinburg, May 8, 2019. Sverdlovsk Region’s micro-financing organizations issued RUB 1,307,624,000 worth of micro-loans in 2018, which was 26% less than one year previously, the Bank of Russia’s Ural division’s press service reports.

The amount of micro-loans issued to private borrowers dropped by 35% and reached RUB 613,213,000. These were mostly ‘payday loans’ ranging from RUB 2,000 to RUB 30,000 (with the repayment period ranging from three to thirty days).

At the same time, the amount of micro-loans issued to sole traders and the self-employed rose by 86% last year and reached RUB 386,744,000. Also, RUB 307,667,000 worth of loans got issued to businesses (up 69% on a year earlier).

The number of lending contracts signed by private customers dropped by 41%, down to 60,722. The number of contracts signed with sole traders and businesses rose by 42% and 34%, respectively.