From January 1, 2020 on the territory of the Russian Federation takes effect the last stage of restrictions limiting the debt on the consumer credits and loans. The maximum amount of interest on loans for a period of 1 year shall not exceed the amount of the debt more than 1.5 times.
This limitation applies to penalties (including penalties and interest) and payments for services that are provided by the lender to the borrower under the contract of consumer credit for a fee.
the Tightening of consumer loans began in January 2019, reminds RIA Novosti. For a year the maximum interest rate has decreased in two times the daily interest rate was limited to 1 percent, introduced a special financial product – the alternative to “payday lending”.
According to the Director of the self-regulatory organization “Mir” Elena Stratieva, the restrictions are aimed primarily at microfinance market. They have reduced the number of players in the market and the tightening credit assessment of borrowers.
Deputy Chairman of the Central Bank Vladimir chistyukhin in November, said that the regulator has no plans to introduce a new tightening on the microfinance market. The impact of changes already in force, the Central Bank will assess during the second half of 2020.