Throughout the past 15 years, the development of the banking system was extremely unstable. The large declarations of the state economy led to the collapse of the main banking institutions, for example, default in 1988.
The characteristic feature of the activities of banks was believed that the sphere of this activity was usually in servicing solid corporate clients, primarily in the oil and metallurgical field, but also the implementation of operations in economic markets.
Economic reform allowed to open a new stage in the development of the banking process. And the modern economic condition of the state stimulates an increase in consumer loans that are provided to individuals.
Consumer lending is the most common type of banking operations.
In 2011, market relations, in general, were inclined to lending to citizens. Banking organizations increased lending and reduced interest rates, under such conditions demand did not fall, but on the contrary rose 2 times. Throughout the year, the conditions became increasingly attractive, and the rates decreased.
Throughout 2015-2016, due to systemic crises, the volume of lending decreased, and the proportion of irreparable debtors increased.
Thus, the consumer loan is a useful tool if it is in the hands of a competent and educated person, but, nevertheless, it is difficult to reconsider the benefit of this product with the financial part. Consumer credit is a significant condition for the growth of the state’s economy and has high importance.
For us, this is a convenient way to get the goods here and now, and then pay for it.
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