In July banks rejected nearly 80% of Russians' loan applications.

In July banks rejected nearly 80% of Russians' loan applications.

      In July banks approved only 21.4% of loan applications, according to data from the National Bureau of Credit Histories. Almost 80% of Russians were denied, while about 60% of mortgage applications were not approved despite the availability of preferential programs. For auto loans and consumer loans, only one in four or one in five applications received approval, Izvestia writes.

      The cut in the key rate from 21% to 18% and the reduction in loan rates hardly affected the situation: the share of approvals rose by only 0.7%. By early August the average real rate on loans had fallen to 35%, but loan accessibility remained low.

      Financial institutions are tightening conditions due to a rise in overdue debt. In the second quarter of 2025 the volume of delinquencies on mortgages and auto loans almost doubled compared with last year. Banks prefer not to take risks and are restricting lending to borrowers with high debt burdens.

      Difficulties in obtaining credit are increasing interest in microfinance organizations, but approval chances there are also falling — up to 80% of clients are being refused. Experts warn that some borrowers may turn to illegal lenders, where terms are predatory and collection methods often violate the law.

      Specialists believe that further cuts to the key rate could improve the situation. Lower interest rates on loans would reduce monthly payments, and banks would be able to relax requirements for clients.

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In July banks rejected nearly 80% of Russians' loan applications.

Tight lending conditions persist even against the backdrop of a reduction in the key policy rate.