Consumer lending is maintaining its recovery in both outstanding balances and gross lending, following the drop seen in the 2019-2020 period. This ongoing positive trend is attributed to the post-pandemic recovery of the economy in Peru, especially since the second half of 2021 and even more so thus far in 2022, thanks to the significant reduction of restrictions which were previously in place to combat the COVID-19 pandemic, along with the advances in vaccinations, so people have been gradually returning to their usual activities and have been resuming their financing requirements.
Banking is showing great dynamism for the placement of consumer loans in all its modalities, for which it is developing and offering various products with attractive benefits, both in consumer credit and in mortgage/housing loans, generating significant competition between the different financial entities. The four main banks (Banco de Crédito del Perú, Banco BBVA Perú, Interbank, and Scotiabank Perú SAA) are the ones showing the greatest dynamism, as they have a greater presence in the media, across social networks, via their own websites, etc.
New mortgage/housing loans have been recovering since 2021 and may reach pre-pandemic levels in 2023. In terms of outstanding balance, this has maintained growth in recent years, including the pandemic period, due to the need for families to have housing, especially considering there is a deficit in the construction of new homes and the event of the pandemic shone light on the necessity for people to have their own, comfortable spaces in which to live.
Financial institutions are offering attractive credit options to consumers, especially for customers with more robust credit profiles. Among them, the Buy Now Pay Later (BNLP) modality has appeared in Peru, albeit still at incipient levels, since there are still few players in this area.
Consumer lending is expected to maintain growth over the forecast period, due to the ongoing stages of recovery within the economy and the population’s need to access financing for the acquisition of various products and services. However, this growth is expected to remain sluggish over the forthcoming years due to the deceleration aspects within the economy and the growth in interest rates across different types of credit.
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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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