Consumer lending has sustained notable growth in 2023, albeit at a more tempered pace compared to the robust expansions witnessed in the preceding years. This growth encompasses both the outstanding balance and gross lending, surpassing pre-pandemic levels experienced in 2022.
In response to diminished consumer lending demand in Peru, financial institutions have adjusted their strategies, prioritising prudent evaluation and granting of various consumer lending types. This cautious approach is aimed at ensuring individuals possess the requisite payment capacity and mitigating the rise of delinquency rates.
Mortgage loans have demonstrated continued growth in 2023, albeit at a more moderate pace compared to the surge witnessed in 2022, when levels reached those seen before the pandemic. The outstanding balance has sustained growth over recent years, even during the pandemic, underscoring the imperative need for families to secure housing, especially given the persistent deficit in new home construction.
On the other hand, the Buy Now, Pay Later (BNPL) model has seen limited development within the Peruvian market. Banco de Crédito del Perú (BCP) stands as the frontrunner in this domain, introducing the Cuotéalo product.
Anticipations for the forecast period suggest a continued growth trajectory for consumer lending. However, while consumer credit is expected to experience a decelerated growth rate in the coming years, Mortgages/housing loans are projected to maintain a steady and consistent growth pattern akin to that observed in 2023.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Peru with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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