Banks have begun to more frequently lend to borrowers under the age of 35: a review based on data from credit bureaus.

The share of credit product approvals for borrowers aged under 35 increased on average by 8 percentage points across all lending segments, according to data from credit history bureaus (CHB).

Credit cards are gaining popularity: the number of users, as of July 1, increased by 5.2 million people over the year, or by 22%. At the same time, approvals for cards to young people under 20 years of age have also risen.

The number of citizens with car loans has grown by 44% during this time and has for the first time exceeded 2 million people. Mainly, these are borrowers over 35 years old.

Fewer citizens are taking out cash loans: the number of such borrowers has decreased by 0.5 million.

To increase the availability of mortgages, banks are extending the repayment periods and are increasingly issuing them for terms ranging from 25 to 31 years. As a result, almost half of the mortgages issued in the first half of this year have gone to borrowers whose age at the time of planned loan repayment will exceed 65 years.

For more details, read the informational and analytical material “Analysis of Trends in the Retail Lending Segment Based on Data from Credit History Bureaus» for the first half of 2024.

Photo credit: Dean Drobot / Shutterstock / Fotodom