Non-bank loans have gone down significantly in Latvia

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The impact of COVID-19 on the non-bank lending market has led to a sharp reduction in the issuance of new loans, the Consumer Rights Protection Centre (PTAC) head Baiba Vītolina told Latvian Radio November 19.

Vītoliņa said that the amount of money in non-bank loans issued in the first half of this year decreased by 20%, which is a drop of approximately EUR 60 million and a 30% drop in the number of loans issued. She said it is likely that people in this unstable situation do not want to take on additional financial commitments.

At the same time, the return of loan amounts improved by 1% in the first half of the year, said the head of the center.

Baiba Vītoliņa also said that around 20 of the non-bank lenders currently on the market could not continue their work next year. This is related to a change in license pricing which will not be affordable for many companies.

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