Importance The article investigates relationships emerging in the course of the personal loan market development, as the market is important for social product creation and, as a result, has an impact on economic growth. Objectives The purpose of the study is to review the role of personal loans in social reproduction through encouraging the consumption, investment demand and government expenditures. Methods I analyzed statistical data for 2009–2015 to study internal and external factors of the personal loan market development and its influence on the social product creation. Results The paper assesses the impact of consumer lending on economic growth in Russia based on the changes in the share of retail loans in GDP over 2009–2015. The study demonstrates the existence of external and internal factors of the impact of personal loans on economic growth, and defines their two-sided effect. Conclusions and Relevance The findings prove that personal loans stimulate the effective demand for durable goods and services and have an impact on other components of GDP, i.e. investment and government demand; provide consistency of reproduction process; increase goods supply in the market; provide access to significant economic goods and enhance the quality of living.
Keywords: personal loan, economic growth, consumer demand, investment activity, government spending
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