Demand for loans is growing by 10-12% on the eve of Valentine’s Day and March 8
Consumer demand in Ukraine for the so-called Love Season (Valentine’s Day and International Women’s Day) is growing. According to the annual study Love Index of the international payment system Mastercard, in 2020 alone on the eve of February 14, Ukrainians spent more than 560 million UAH. Own funds are not always enough to pay for gifts, and therefore the demand for consumer lending is growing .
Ukraine , Ukraingate , 8 , February , 2022 | Economy
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According to CreditKasa, during the Love Season the number of applications from potential borrowers increases by 10-12%. At the same time, the greatest demand for loans arises on the eve of Valentine’s Day. By March 8, the activity of borrowers is declining.
“In February-March, the market for lending services is in high demand, and often these months show the best results for the whole year. We are watching before Valentine’s Day: in addition to the increase in the number of applications, the amount of demand is growing – by 20%. The need for loans before March 8. Much lower during this period.
According to CreditKasa, in February-March 2022 it is expected to increase the volume of loans by 5-7% against the background of an increase in the number of applications by 10-12%. The disparity arises due to the strengthening of risk policies taking into account the current level of debt burden of the population. On the other hand, the impact of geopolitical events should also be taken into account this year.
“Apart from the desire to choose a quality gift for a loved one, the growth of the average loan amount will be associated with the general rise in price of the consumer basket. According to the State Statistics Service, in 2021 the inflation rate was 10%. Accordingly, it is expected to increase prices for the categories of goods that are most often chosen as a gift, “said Vitaly Solovyov.
To prepare for high demand and respond quickly to requests, CreditKasa reserves additional funds, server capacity, and attracts more staff to service customer requests.
“During the pandemic period, online shopping became commonplace for Ukrainians. When own funds are not enough to buy, retailers offer various payment options, including loans. As a rule, if in the pre-holiday period the buyer has already chosen the product online, he wants to get it as soon as possible. Therefore, not only the availability of finances is appreciated, but also the speed of decision-making on the loan. For example, primary CreditKasa customers can receive money on the card within 10 minutes of contacting the company. In case of repeated appeals, this period can be reduced to 2 minutes, ”Vitaliy Solovyov said.
Servicing loans taken during the Love Season is usually no different from regular loans. Clients try to approach their financial obligations responsibly, and in case of unforeseen circumstances they can take advantage of the extension.
“Gifts for Valentine’s Day and International Women’s Day are often planned in advance and are not expensive. Most often, these loans are serviced normally. Although a certain impact on the company’s economy is currently increasing the share of male borrowers. And, as you know, they treat the terms of credit obligations less disciplinedly than women, ”Vitaliy Solovyov explained.
In addition, during the holidays CreditKasa plans to launch not only thematic advertising communication, but also a special platform podarunok.creditkasa.ua. Bright, unusual and original gifts will be collected on the site, which can be purchased in Ukrainian online stores. In this way, CreditKasa will help customers to pleasantly surprise their relatives and friends.
Source: Ukrgate