In 2023, consumer lending has witnessed a surge in current value growth, despite soaring inflation rates that have caused substantial economic challenges for consumers. Unpredictable fluctuations in the cost of living and foreign exchange rates have made consumers more reliant on lending solutions.
Following the Central Bank's decision in mid-2023 to increase interest rates, the demand for loans and the attractiveness of bank loans experienced a decline. Consumer loan interest rates continued to rise, resulting in a slowdown in gross lending during mid-2023.
Recent developments in the banking sector have led to notable changes in loan interest rates, particularly for housing loans. In several banks, the interest rates for housing loans up to TL500,000 have risen from 1.
Buy now pay later (BNPL) loans in Turkey currently hold a relatively small share of consumer lending. However, in 2023, major banks and retailers have recognized the potential of this credit option and have started rolling out BNPL products to consumers.
Turkey is currently experiencing a volatile phase in its economic history, characterized by uncertainty surrounding retail prices, interest rates, real estate prices and living costs. It is anticipated that this period of economic uncertainty will begin to ease by mid-2024.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Turkey 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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