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In addition to problems with borrowing, the demand for consumer loans increases. "Boom" of applications from individuals working informally

2024-10-10 11:48:11Biznes SHKRUAR NGA REDAKSIA VOX

In addition to problems with borrowing, the demand for consumer loans increases.

In the last 12 months, there has been an increase in demand for consumer loans in non-bank financial institutions, especially from individuals who do not receive their salary through second-tier banks.

According to a study conducted by the Albanian Microfinance Association, people who work informally, that is, who do not benefit from social and health insurance, who in most cases have lower incomes, are also among those who apply more for loans in non-bank financial institutions.

About 52% of the respondents in this study reported that they worked in the informal economy, which means that due to lack of income documentation or low income, most of the participants faced difficulties in obtaining financing from traditional banks.

This exclusion from the traditional banking system has pushed many citizens to seek debt from family or friends, or rely on microfinance institutions, while very few used alternative sources such as overdrafts or informal loans.

But what are the other factors that attract individuals to get loans in financial institutions other than banks?

The comfort and speed of microfinance loans, immediate approval, minimal documentation requirements, often with only an identity card, as well as the proximity of microfinance branches are seen as key factors for choosing this financial product.


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