Interview with CreditPlus. How to keep the right course?

Published: 26.11.2022
Updated: 26.01.2023

Our regatta “Race of the Unbreakables” continues, and we decided to tell you how our Admirals kept their course during Covid and all-out war. So SalesDoubler talked to CreditPlus, and here’s what they found out.

Was there any anti-crisis plan at the beginning of 2019 when Covid came?

To organise remote work, we urgently had to solve the problem of purchasing additional equipment, for example, Wi-Fi adapters for connecting to the Internet and a full-fledged remote workplace. Another challenge was to ensure the protection of customer data in conditions of remote work. Considering that we work with documents, it was essential. But we have overcome all the difficulties.

How long did it take to overcome all the difficulties?

We solved all these problems within two days thanks to well-coordinated teamwork.

Wow, that sounds like an excellent job! And how did you survive at the beginning of the war?

Like most companies on the market, we temporarily stopped issuing loans to Ukrainians, but at the same time, we suspended the accrual of interest on current debts. We have retrained volunteer fighters: organised a kind of hub for humanitarian aid, where we worked on “full cycle support”: and studied what precisely needed our soldiers of the Armed Forces of Ukraine, territorial defence fighters and injured Ukrainians. We bought everything ourselves and delivered where it was required. We bought a car for the removal of victims of Russian aggression from the territory of the Kyiv region to Western Ukraine and the border with Poland. Also, we took people out of hot spots, including from the most challenging zone — the Bakhmut direction. Now and until our final victory, we will transfer money to the Armed Forces of Ukraine, charity, volunteering, and the purchase of medicines. We think this should be one of the prominent positions that business focuses their budget on because the war touched everyone.

In your opinion, is the lending market gradually coming to life?

Yes, we started issuing loans to the population again in April, except for regional zones of active hostilities and temporarily occupied territories. This happened in stages, and this was preceded by a thorough check and updating of all business processes according to the current situation in the country. During March-April, there was practically no supply of microcredits. Companies began reopening in May and worked carefully with the most expensive product. With the advent of new statistics, companies have adapted their scoring models to the new conditions. As a result, you can see a trend towards lower interest rates. The attitude of customers to loans, for obvious reasons, is very cautious, and the primary trend is a decrease in the average loan size compared to the situation before 24 February.

What are the most difficult decisions you have made to keep your business going?

According to our estimates, the total losses on the loan portfolio of microcredit organisations at the beginning of May amounted to about 50% of the portfolios formed on February 24, which was a catastrophic level. In such conditions, our company has chosen a strategy of the most loyal attitude towards customers an clients loan restructuring. We decided to sacrifice profitability and allow customers to pay on the most loyal terms. As we see now, such a company policy was justified, and a large share of overdue loans was repaid.

What prospects do you see in the PDL market?

Directions for the development of the microcredit market will depend on regulatory requirements and access to the capital market. We are confident that if microcredit organisations expand their ability to attract resources and adequate regulatory requirements, we will see new technological products and new directions for the development of credit institutions.

Let’s end with good memories. Were there any exciting advertising campaigns?

In December 2021, CreditPlus launched one of its most extensive advertising campaigns – “How do you like it, Max?”.Many prizes were given away every month: electric grills, headphones and robotic vacuum cleaners. But the main prize was 32,000 euros for purchasing the most famous electric car in the world. At the same time, the winner could use the money at his discretion. Received the prize of a 19-year-old citizen of Odessa, Artur Korniychuk, who also turned out to be a participant in the ATO.

We practically had to prove to the guy that he won because he could not believe in his happiness until he arrived in Kyiv. When Arthur visited our office, almost everyone congratulated him on his victory and talked in an informal atmosphere — we drank coffee together and still assured him that he had won. This is not surprising because it is not every day that you receive such a considerable amount. Arthur believed only when he received the prize himself.

Thanks to this advertising campaign, CreditPlus increased its market share — by about 10% in the fourth quarter of 2021, which is more than the third quarter.

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Pour on СreditPlus affiliate programs and get more miles.  See you at the finish line!
We wish you good luck and a fair wind in the regatta. And remember “Великі цілі досяжні”, when you’re moving along the right course!