Within the very first half-year of 2016, the quantity of pay day loans awarded in Lithuania reduced by two thirds 12 months on 12 months, whereas the total amount lent to customers halved. Credit lenders assessed customer solvency more responsibly. When it comes to very first time in history, credits overdue reduced in number.
вЂChanges are obvious. Active direction, stricter demands for the Law on Consumer Credits that arrived into force at the start of the year, and competition forced credit loan providers to basically alter their approach and evaluate customer solvency more cautiously. All of these modifications relieve the loan that is overdue burden, that also mitigates the possibility of serious social repercussions,’ said Vitas Vasiliauskas, Chairman associated with the Board regarding the Bank of Lithuania. Continue reading