OREANDA-NEWS. November 20, 2014. Home Credit B.V. (“HCBV”) announces the launch of “Home Credit Express,” a microfinance project in Russia. Home Credit Express will benefit from Home Credit and Finance Bank’s (“HCFB”) extensive distribution network to provide credit to clients who are unable to take out a bank loan due to the tightened criteria for borrower scoring.

HCBV will launch the consumer credit project through HCFB's point-of-sale (POS) network. Home Credit Express plans to provide cash microloans using a sophisticated platform created in March 2014 by Onlain Tekhnologii, a microfinance organisation. HCFB will serve as a partner for the drafting and monitoring of Home Credit Express agreements.

"The deterioration of the economic situation and an increase in the debt burden has resulted in a higher retail credit risk. Banks have responded to those challenges by tightening the borrower scoring requirements. Clients without a credit history, or with a history of minor defaults, are currently unable to obtain bank loans. These borrowers are solvent, but banks have no option for offering them a product with an interest rate suited to their level of risk. HCBV is launching this innovative microfinance project specifically to cater for these clients. Home Credit Express will offer them a chance to begin or improve their credit history. After getting off to a good start with Home Credit Express, these borrowers will be able to take out bank loans at lower rates in the future," said Ivan Svitek, Chairman of the Board of Directors of HCFB and a member of the HCBV senior management team.

Onlain Tekhnologii is financed entirely by HCBV.

In addition to the launch of Home Credit Express, a pilot project for online credit provision for buying airline tickets is currently under wayunder the "Kupi-ne-kopi" brand. This pilot project is also based on Onlain Tekhnologii's platform.