Russian banks are faced with an increase in refusals to issue consumer loans, according to statistics from the financial marketplace Compare.

In November and December 2023, banks rejected about two-thirds of all unsecured loan applications. This is due to the introduction of new restrictions by the Central Bank regarding clients with a high debt burden. Beginning in the fourth quarter of 2023, banks faced tightening macroprudential restrictions, which led to a decline in loan approvals. This is reported by News.

The decline in the approval rate began in September and reached its peak in October. Companies with a universal license are now limited to providing loans to customers with a high debt load of up to 5% of the total volume of loans issued.